Ajit Tripathi (name changed), a businessman from Mumbai, was lured into online betting during the Covid-19 pandemic in 2021 after coming across a social media advertisement. Over the next three years, he deposited nearly Rs 27 crore into a gaming platform but managed to recover only Rs 15 crore, ultimately losing more than Rs 12 crore and sinking into heavy debt.
Tripathi, who had built his business over several decades, said the downfall began when he saw a Facebook ad featuring a popular actress, which promised quick and massive returns. Having suffered financial losses during the pandemic, he decided to try his luck and downloaded the Parimatch app. At first, the platform showed encouraging returns, which convinced him of its authenticity. Soon, representatives began contacting him directly, urging him to invest larger sums while offering attractive bonuses.
Encouraged by the promises, Tripathi kept depositing money, eventually reaching Rs 27 crore in total. However, when he attempted to withdraw larger amounts, the company stopped responding. By then, he had already lost Rs 12.22 crore. To cover his losses, he borrowed extensively, only to find himself trapped in mounting debt. “I lost everything I worked for,” he said, recounting his ordeal.
His experience reflects what Union Minister for Electronics and IT Ashwini Vaishnav has previously warned about—algorithms in online betting platforms are designed to let users win small amounts initially, before leading them into irreversible heavy losses.
Following Tripathi’s complaint to the Mumbai Police cyber cell, the Enforcement Directorate (ED) launched a nationwide probe into Parimatch. Raids were carried out in cities including Mumbai, Delhi, Kanpur, Noida, Jaipur, Surat, Madurai, and Hyderabad, leading to the freezing of Rs 110 crore suspected to be proceeds of crime routed through mule accounts.
Investigations revealed that the Parimatch network was controlled by a Ukrainian national operating from Cyprus, with the firm registered in Curacao, a known offshore tax haven. Authorities also uncovered over 1,200 credit cards linked to fraudulent accounts allegedly used for laundering deposits. Within just one financial year, Parimatch was suspected to have generated more than Rs 3,000 crore from unsuspecting Indian players.
The probe raised serious concerns about how mule bank accounts were allowed to operate without proper checks and why anti-money laundering and taxation safeguards had failed. In Tamil Nadu, investigators found cash being withdrawn from ATMs linked to such fraudulent accounts.
Parimatch has faced scrutiny before. In 2023, Mumbai GST officials arrested one of its company directors for operating without proper GST registration. Investigators also connected the company’s Indian operations to a Noida-based cryptocurrency trading platform called IBlock Technologies.
The controversy further brought attention to celebrities and influencers who promoted betting platforms. Parimatch had signed cricketer Dinesh Karthik as a brand ambassador for its sportswear line, widely seen as a surrogate promotion for its betting app. Several actresses and television stars also appeared in promotional videos for the platform.
Union Minister Ashwini Vaishnav defended the government’s new measures to curb the industry, stating that crores of Indian families have suffered financial ruin because of online money games, with middle-class savings wiped out and thousands of complaints filed nationwide.
On August 20, Parliament passed the Promotion and Regulation of Online Gaming Bill, 2025. The legislation bans advertisements, sponsorships, and surrogate promotions of betting apps. It also introduces strict penalties, including up to three years of imprisonment and fines of up to Rs 1 crore for celebrities or influencers endorsing such platforms.
Meanwhile, Ajit Tripathi remains burdened with debt. He says lenders now line up at his office every day, while impostors posing as government officials have demanded bribes in exchange for promises to recover his money. Having lost his life’s work to online betting, he now warns others not to fall into the same trap.
