Guwahati: ED arrests Alok Jain in IPL betting money laundering case

STAFF REPORTER

GUWAHATI: The Directorate of Enforcement (ED), Guwahati Zonal Office, arrested Alok Kumar Jain on July 20 under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an investigation into the alleged laundering of proceeds generated through illegal IPL betting operations.

According to the ED, its investigation found that Jain had allegedly operated as a key member of an organised betting network, managing and settling wagers through foreign-based online platforms, including Sky Exchange, WIFI Exchange and Bull Intraconnect.

The agency alleged that Jain created a network of mule bank accounts to conceal and layer the proceeds of crime. It claimed he obtained the KYC documents of his domestic staff to open multiple bank accounts linked to his personal mobile number and used them to route betting proceeds without the knowledge or active involvement of the account holders.

The investigation further alleged that the illicit funds were channelled into the purchase of bullion, gold, luxury goods and immovable properties. Financial records seized during the probe reportedly indicated substantial movement of funds through business entities within a short period. The ED also claimed that Jain’s declared income was disproportionately low compared with his alleged assets, financial transactions, loans, transfers to family members and ownership of multiple properties.

As Jain was already in judicial custody in the predicate offence, the ED moved the Special Court under the PMLA seeking his production. Acting on the court’s production warrant, the agency arrested him under Section 19(1) of the PMLA.

The Special Court subsequently granted the ED four days’ custody of Jain to facilitate further investigation into the alleged proceeds of crime and the suspected money laundering network.

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