ED: Betting app launders Rs 4,500 cr via pharma cos

The Enforcement Directorate (ED) uncovered a ₹4,500 crore money laundering scheme involving the illegal offshore betting app Fairplay. The app funneled funds through over 100 pharmaceutical companies, including listed firms, by disguising the transactions as imports or investments. The ED found that Fairplay layered the funds through shell entities and bogus companies to avoid regulatory scrutiny.