MUMBAI, May 28 -- The Enforcement Directorate's Mumbai unit on Tuesday conducted searches at 17 countrywide locations as part of its money-laundering investigation into the Cyprus-based illegal online betting platform Parimatch, which is accused of generating around Rs.3,000 crore from Indian users in 2024-25 by luring them with promises of high returns. During the searches, movable assets of around Rs.1.56 crore, including cash of around Rs.1.2 crore, were seized while Rs.3.8 crore in bank funds were frozen. Incriminating documents and digital devices were also seized. So far, assets worth Rs.112 crore have been frozen. Acting on a case registered by the Mumbai cyber police against the website 'Parimatch.com', the ED probe found that the latter aggressively promoted its betting platform through surrogate advertisements, using names such 'Parimatch Sports' and 'Parimatch News'. Parimatch focused on hyper-local marketing wherein it sponsored teams in local cricket leagues and hockey and football tournaments in more than 15 Indian states. It promoted betting-related advertisements through leading quick-commerce applications, and circulated promotional material along with grocery deliveries. The ED investigation so far has revealed that Parimatch and its associates adopted a complex network of around 500 mule accounts and financial channels for the collection, diversion and transfer of funds. The ED's searches further revealed the alleged misuse of the Banking Correspondent (BC) network, mobile-money transfer agents, Grahak Seva Kendras, Cash Management Services, local kirana stores and retail outlets for processing payouts. The money was first transferred to such retailers, who then passed it on to the BC, which in turn recharged the wallets of those retailers. The retailers used the wallets to make payouts to Parimatch platform users, thereby concealing the actual source and trail of funds....