ED Uncovers Hawala Network in Magicwin Betting Probe, Files PMLA Case

• The ED's Ahmedabad office filed a PMLA complaint against online betting platform Magicwin and 14 others for illegal betting and money laundering.
• The probe originated from an FIR by Cyber Crime Police, Ahmedabad, for unauthorized streaming of ICC Men’s T20 World Cup 2024 matches.
• Magicwin, masquerading as a gaming platform, allegedly offered betting on various sports and live casino games, routing proceeds through shell entities, hawala, and crypto.
• The ED estimates over ₹1,000 crore in suspicious transactions, conducted 67 searches, and seized assets worth ₹2.5 crore, plus ₹3.55 crore in cash.
• The platform is owned by UK-registered Magicwin Sports Limited, with Pakistani nationals as directors, and alleged links to Pakistan and celebrity promotions under scanner.

Why It Matters: ED's Magicwin probe reveals a ₹1,000 crore hawala network, PMLA case filed, with Pakistani links and celebrity scrutiny.