MUMBAI
The Mumbai Zonal Office of the Enforcement Directorate (ED) conducted searches on October 25, 2024, under the Prevention of Money Laundering Act (PMLA), 2002, at eight different locations in Mumbai and Kutch in Gujarat. The operations are part of a probe into Fairplay, which was involved in illegal broadcasting of cricket, IPL matches, and online betting, ED officials said in a press statement on Tuesday.
Movable assets in the form of cash, bank funds, and silver bars to the tune of approximately ₹4 crore were seized and frozen along with incriminating documents, digital devices, and papers related to immovable property.
Based on an FIR registered by M/s. Viacom18 Media Pvt Limited with Nodal Cyber Police, Mumbai, the ED initiated investigations against M/s. Fairplay Sport LLC and others under various sections of the Indian Penal Code 1860, Information Technology Act, 2000, and Copyright Act, 1957 for causing loss of revenue of more than ₹100 crore as proceeds of crime, the ED officials said.
Loss of revenue
“The investigation revealed that Krish Laxmichand Shah, who is the keyperson behind Fairplay, registered various companies such as M/s. Play Ventures N.V. and M/s. Dutch Antilles Management N.V. at Curacao; M/s. Fair Play Sport LLC, M/s. Fairplay Management DMCC at Dubai; and M/s. Play Ventures Holding Limited at Malta for the operations of Fairplay,” the agency said. Investigations revealed that Fairplay is being operated from Dubai.
The searches were carried out against people providing technical and financial management support to Fairplay. “Incriminating documents seized during the search revealed the purchase of high-value immovable and movable assets in India amounting to more than ₹100 crore,” the ED officials said.
The investigating agency earlier conducted searches on June 12, August 27, and September 27, 2024, seizing movable assets to the tune of approximately ₹113 crore along with incriminating documents and digital devices. Total seizure in this case amounts to ₹117 crore.
Published - October 30, 2024 01:11 am IST