ED Attaches Rs307 Crore Assets in Fairplay Betting Case; Total Seizures Cross Rs650 Crore
Moneylife Digital Team 23 September 2025
The Mumbai zonal office of the directorate of enforcement (ED) has provisionally attached assets worth about Rs307.16 crore in its money laundering probe against Fairplay, an online betting and illegal broadcasting platform that allegedly siphoned hundreds of crores abroad. With the latest action, total attachments in the case have risen to Rs651.31 crore.
 
According to ED, the fresh attachment includes movable assets in the form of bank balances and immovable assets comprising villas, flats and land parcels located in Dubai, UAE.
 
The probe began after Viacom18 Media Pvt Ltd filed a complaint with the nodal cyber police in Mumbai, accusing Fairplay of illegally streaming cricket and Indian Premier League (IPL) matches, causing revenue losses exceeding Rs100 crore. Several first information reports (FIRs) under the Indian Penal Code, the Information Technology Act and the Copyright Act were later clubbed together as more entities linked to Fairplay were found running illegal betting operations.
 
ED alleges that the scale of the operations and the complex cross-border fund flows indicate proceeds of crime running into several hundred crores, routed abroad through trade-based money laundering networks.
 
Investigators have identified Krish Laxmichand Shah as the key operator of the syndicate. Mr Shah is accused of setting up a web of offshore companies—including Play Ventures NV and Dutch Antilles Management NV in Curaçao, Fair Play Sport LLC and Fairplay Management DMCC in Dubai, and Play Ventures Holding Ltd in Malta—to run Fairplay’s betting and broadcasting activities.
 
ED says Mr Shah managed operations primarily from Dubai with the help of associates such as Anil Kumar Dadlani, while his family members and close associates allegedly acquired movable and immovable assets in their names to launder the proceeds.
 
Earlier findings also pointed to the involvement of Siddhant Shankaran Iyer alias Joe Paul, who allegedly managed financial flows, while Chintan Shah and Chirag Shah looked after the technological and software development aspects.
 
The agency has conducted multiple search operations in the case since June 2024, seizing incriminating documents, digital devices and freezing bank accounts. In November 2024, it attached assets worth Rs219 crore, including demat holdings and properties in Ajmer, Kutch, Daman, Thane and Mumbai.
 
Two key associates, Chintan Shah and Chirag Shah, were arrested in February 2025. ED filed its first prosecution complaint in April 2025, with a special PMLA court taking cognisance later that month.
 
The agency maintains that the proceeds of crime in the Fairplay case exceed several hundred crores, given the scale of betting activities and the diversion of funds abroad. With the latest action, total attachment and seizure in the case stands at about Rs651 crore.
 
Investigators believe that Fairplay not only earned illegally from broadcasting rights violations but also expanded into betting on cricket and even the 2024 Lok Sabha election results. ED’s findings suggest systematic layering of funds across jurisdictions through offshore entities and investments in high-value real estate in Dubai.
 
A senior ED official says, “This is a classic case of online betting disguised as sports entertainment, backed by offshore entities and laundered into assets abroad. The attachment of properties in Dubai highlights the cross-border nature of the crime.”
 
ED has indicated that further investigation is in progress, focusing on fund trails, associates involved in India and abroad and the extent of losses to media rights-holders and the exchequer.
 
The crackdown comes amid increasing government scrutiny of online betting syndicates, many of which are based overseas but target Indian users. With enforcement actions tightening, the Fairplay case is expected to set a precedent for future probes into offshore betting and illegal streaming networks.
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