Beyond the Bets: Enforcement Directorate Escalates Legal War Against KC Veerendra’s Betting Empire
(By Syed Ali Taher Abedi)
Bengaluru,23, February,2026-The Directorate of Enforcement (ED)’s Bengaluru Zonal Office has escalated its crackdown on cyber-enabled money laundering, filing a Supplementary Prosecution Complaint on February 20, 2026, against Pruthvi N Raj, KC Thippeswamy, M/s Fonepaisa Payment Solutions Pvt Ltd, Gulshan Khattar, M/s Puppy’s Tours and Travels LLP, Arjun Nagabhushan, Abhijith Sajjan, and M/s Logic forge Solutions Pvt Ltd—invoking stringent provisions of the Prevention of Money Laundering Act (PMLA), 2002.
This pivotal development targets a sprawling syndicate of illegal online betting and gambling operations, with KC Veerendra identified as the principal accused fuelling the illicit empire through layered financial conduits.
The ED’s probe was triggered by a barrage of FIRs lodged by state police across multiple jurisdictions under key IPC provisions—deemed scheduled offences under PMLA—alleging rampant cheating, impersonation, and extortion targeting the public via notorious illegal online betting portals like King567, Play567, Playwin567, Gamexch, and affiliates. Prosecutorial scrutiny has since pierced the syndicate’s veil, unmasking a sophisticated web of laundered proceeds funnelled through payment gateways, mule bank accounts, shadowy foreign entities, and virtual digital assets, complete with illicit outward remittances.
Earlier, ED conducted searches u/s 17(1) PMLA, 2002 at over 60 locations across Karnataka and other states, seizing cash, gold bullion/jewellery, vehicles, digital devices, and incriminating documents.
KC Veerendra was arrested u/s 19 PMLA; a Prosecution Complaint was filed on 18.10.2025 before the LXXXI Additional City Civil & Sessions Judge, Bengaluru. Further, vide Provisional Attachment Order no. 05/2026 dated 29.01.2026 u/s 5(1) PMLA, properties worth Rs. 177.30 crore (approx.) of Veerendra and associates were attached.
In this case, ED has attached/seized assets exceeding Rs. 320 crore u/s PMLA, 2002, with Proceeds of Crime (PoC) identified at over Rs. 2,300 crores—derived from illegal online betting/gambling and laundered via multilayered transactions.
Probe establishes the named accused/entities’ knowing involvement u/s 3 PMLA in layering PoC from scheduled offences, including overseas asset acquisitions in Dubai and crypto transactions. Investigation continues.
