ED attaches assets worth 23.35 crore rupees in online betting money laundering case

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ED attaches assets

Highlights

The Enforcement Directorate attached assets worth 23.35 crore rupees on 23 October 2026 under the Prevention of Money Laundering Act.
A network involving K.C. Veerendra, Gulshan Khattar and Neha Tandon laundered proceeds exceeding 2,300 crore rupees through illegal online betting platforms such as King567 and payment gateways.
Assets worth more than 343 crore rupees have been attached or frozen. The investigation is ongoing, following earlier prosecution and seizures.

This article was translated from the original. Read the original version by our correspondent here.

Attachment order and scope of the investigation

According to the Enforcement Directorate, its Bengaluru Zonal Office attached movable assets worth 137,696,706 rupees and immovable assets worth 95,850,000 rupees under the Prevention of Money Laundering Act, 2002, through provisional attachment order No. 42/2026 dated 23 October 2026. The agency says the amount represents the alleged proceeds of crime found in the possession of K.C. Veerendra, Gulshan Khattar and Neha Tandon.

The investigation was initiated on the basis of several FIRs alleging fraud, impersonation, criminal conspiracy and extortion through online betting and gambling platforms. The investigation reportedly uncovered a nationwide network of betting websites, payment gateways, shell companies and mule accounts allegedly controlled by K.C. Veerendra and his associates.

The agency alleges that players were defrauded through illegal online betting platforms, including King567, by accepting deposits and then using rigged bets and blocked withdrawals. The ED said that alleged proceeds of crime exceeding 2,300 crore rupees were layered through multiple accounts, hawala channels and foreign entities, and then used for luxury assets, business investments, overseas remittances and personal expenses.

Payment gateway links and action taken so far

The investigation also identified M/s Fonepaisa Payment Solutions Private Limited, an entity said to be beneficially owned by Gulshan Khattar. According to the ED, the entity earned substantial commissions by providing services as a key payment gateway and financial intermediary in the illegal online betting operation. On this basis, assets worth approximately 33 crore rupees had already been attached under an order dated 29 January 2026.

The agency also said that funds had flowed into the accounts of M/s SimTech from identified mule bank accounts linked to King567. Neha Tandon, a director of M/s SimTech IT Solutions Private Limited, had no active role in its management, which was handled by her husband, Gulshan Khattar. The ED has therefore treated assets held in her name or in her possession as representing alleged proceeds of crime.

Earlier in the case, the ED conducted search and seizure operations at more than 60 premises across several states, during which cash, gold bars, gold and silver jewellery, balances in mule accounts, vehicles, digital devices and allegedly incriminating documents were seized or frozen. The agency has also arrested K.C. Veerendra under Section 19 of the PMLA.

The ED filed a prosecution complaint on 18 October 2025 and a supplementary prosecution complaint on 20 February 2026, which the Special PMLA Court took cognizance of on 4 May 2026. According to the agency, including this new order and the 177.30 crore rupees in previously confirmed attachments, the total value of assets attached, seized or frozen so far has exceeded 343 crore rupees, and the investigation is ongoing.

Our previous report provided an update on the ED investigation into the alleged embezzlement and money laundering of 14.95 crore rupees from Dr. B.R. Ambedkar Development Corporation Limited . It covered allegations of withdrawals using fake bank accounts and forged documents, the filing of a supplementary prosecution complaint before the Special PMLA Court in Bengaluru, and the request to seize or attach assets.

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