New Delhi | Jan 29
The Enforcement Directorate (ED), Bengaluru Zonal Office, has provisionally attached assets worth ₹177.3 crore under the Prevention of Money Laundering Act (PMLA), 2002, in a case related to illegal online betting and gambling activities involving KC Veerendra and his associates, the agency said on Thursday.
The Provisional Attachment Order (PAO) was issued on January 29, 2026, as part of an ongoing money-laundering probe linked to multiple FIRs registered by state police authorities across several states.
Properties Include Land, Residential Sites and Movable Assets
According to the ED, the attached assets comprise immovable properties, including agricultural land and residential sites, along with other movable assets. These assets have been provisionally attached as being either directly derived from, or equivalent in value to, proceeds of crime generated from illegal online betting and gambling operations.
Probe Based on Multiple FIRs Across States
The investigation was initiated on the basis of several FIRs registered under provisions of the Indian Penal Code, 1860, which are scheduled offences under the PMLA. The FIRs relate to alleged cheating, impersonation and extortion of the public through illegal online betting platforms, including King567 and other associated websites.
The ED said its investigation has revealed that KC Veerendra and his associates were the key operators of a nationwide illegal online betting network, functioning through a similar modus operandi across states.
Fake Winnings, Blocked Withdrawals, Mule Accounts
As per the agency, unsuspecting users were induced to deposit money on rigged illegal gaming websites, often designed to resemble online casinos. Victims were initially shown fake winnings to build trust, but were later blocked from withdrawing funds.
The ED said deposits amounting to several crores of rupees were routed through payment gateways into designated aggregator accounts, and the laundering of proceeds involved the use of hundreds of mule accounts and multiple payment gateways.
Searches, Arrests and Wider Asset Trail
Earlier, the ED conducted search and seizure operations at over 60 locations across multiple states under Section 17 of the PMLA. During these operations, the agency seized cash, gold bullion, gold and silver jewellery, vehicles, digital devices and incriminating documents.
The agency has already arrested KC Veerendra under Section 19 of the PMLA, and a prosecution complaint has been filed before the designated Special PMLA Court.
Total Attachments Cross ₹320 Crore; ₹2,300 Crore Trail Identified
With the latest attachment, the ED said it has now provisionally attached assets worth over ₹320 crore in the case so far. The investigation has also identified proceeds of crime exceeding ₹2,300 crore, allegedly generated through illegal online betting and gambling activities and laundered through multiple layers of transactions.
The investigation is ongoing to trace remaining proceeds of crime and identify all beneficiaries involved, the agency added.
