eNews
Betting racket whacked for Rs 307 crore as ED strikes in Dubai
NEW DELHI: India’s financial crimes enforcers have seized Dubai property and domestic bank deposits worth Rs 307 crore in a crackdown on an online betting operation centred around the Fairplay platform, according to a PTI report.
The Enforcement Directorate froze land, villas and flats in the Gulf emirate alongside Indian bank accounts under anti-money laundering laws, the agency said on Monday. The haul represents one of the largest asset seizures in India’s escalating war against illegal online gambling.
The probe stems from a complaint filed by Viacom18 Media with Mumbai Police’s cyber wing, alleging the betting platform had inflicted revenue losses exceeding Rs 100 crore through violations of information technology and copyright laws.
Investigators subsequently bundled together multiple cases against Fairplay and its associates for illegal online betting operations. The web of connected entities suggests a sophisticated money-laundering network spanning domestic and international jurisdictions.
The seizures underscore how Indian authorities are pursuing betting operators’ offshore assets with increasing vigour. Dubai has emerged as a favoured destination for parking proceeds from India’s booming but largely illegal online gambling sector.
The Fairplay case highlights the complex interplay between broadcasting rights violations and betting operations, with platforms allegedly using pirated content to drive traffic to gambling sites.
India’s regulatory crackdown on online betting has intensified as authorities grapple with the sector’s explosive growth and its links to money laundering and tax evasion.
eNews
Paisabazaar launches Credit Premier League 2.0
Nationwide campaign rewards highest credit scores with Rs 1 lakh top prize.
MUMBAI: When credit scores become a national league, even your CIBIL report starts feeling like it’s playing in the IPL and Paisabazaar has just kicked off the second season. Paisabazaar, India’s leading marketplace for financial products and the country’s largest free credit score platform, has announced the return of the Credit Premier League (CPL) 2.0, a fun, nationwide initiative to recognise and reward individuals with the highest credit scores.
Building on the success of the first edition, CPL 2.0 introduces higher rewards and broader participation. The individual(s) with the highest credit score in the country will win Rs 1 lakh, while state champions will each receive Rs 10,000. Additionally, all participants from the winning state, the one with the highest average credit score will also be rewarded.
All winnings will be credited directly to winners’ PB Wallet, allowing them to pay credit card bills, recharge mobiles, or settle utility bills seamlessly on the Paisabazaar platform.
Paisabazaar CEO Santosh Agarwal said the campaign aims to make credit awareness more engaging and mainstream. “With CPL, we are bringing together engagement, gamification and rewards to make conversations around credit scores more mainstream,” he noted. “Our focus remains on building a financially aware and credit-healthy Bharat.”
The first edition of CPL saw over 5.5 million participants, with the highest individual score touching 861. Delhi recorded the highest average credit score of 746.
Consumers can participate simply by checking their free credit score on the Paisabazaar platform or app. The CPL leaderboard and rankings will be available exclusively on the Paisabazaar App.
In a country where financial dreams are serious business, Paisabazaar has found a smart way to turn credit scores into an exciting game – because when your financial health gets rewarded, everyone wants to play.
