ED Arrests Cryptocurrency Trader Naisar Kothari in Multi-Crore Betting Scam Involving Chinese Companies

Mumbai, December 11: The Enforcement Directorate (ED) on Friday said it has arrested a cryptocurrency trader in connection with a case of online betting APPs scam run by Chinese companies. The accused cryptocurrency trader was identified as Naisar Kothari. The arrest was made under the Prevention of Money Laundering Act. The ED launched an investigation following a complaint by Hyderabad Police's anti-cybercrime unit. Enforcement Directorate Attaches Properties of Former IAS Officer Babulal Agrawal Worth Over Rs 27 Crores.

"ED arrests Naisar Kothari, a crypto-currency trader in a case of online betting APPs scam run by Chinese Nationals (sic)," the official Twitter handle of the Enforcement Directorate said. The case is related to a multi-crore online betting scam and international hawala racket to the tune of Rs 1100 crore. Two Chinese companies, M/s Linkyun Technology Private Limited and M/s Dokypay Pvt Ltd, are already under the ED scanner. Vijay Mallya's Assets Worth 1.6 Million Euros in France Seized by French Authorities on ED's Request.

ED Arrests Cryptocurrency Trader Naisar Kothari:

These companies allegedly created betting websites under the grab of e-commerce and lured people in placing bets on various online APPs for attractive rewards on simple games. The accused Chinese companies also hired agents to dupe people. The investigation has revealed that these agents had created several Telegram and WhatsApp groups to lure people towards betting and duped them.

Paytm and Cashfree were used to collect money and pay commission to all these agent members, according to reports. The Chinese companies were allegedly involved in hawala racket as well.

(The above story first appeared on LatestLY on Dec 11, 2020 07:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).