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Mahadev Betting

From GFF rumours to ED and GST raids: Mapping the gaming-fintech crackdown

From GFF rumours to ED and GST raids: Mapping the gaming-fintech crackdown

29 May 2026, 20:24 PM

Enforcement Directorate (ED), Directorate General of GST Intelligence (DGGI) actions against online gaming and fintech companies in last couple of months.

ED alleges fake invoices, hawala links in Pay10 money laundering probe

ED alleges fake invoices, hawala links in Pay10 money laundering probe

21 May 2026, 14:32 PM

ED seized cash, bullion, incriminating documents, froze four luxury vehicles; and identifies Dubai-based Grenadian national as Pay10's alleged ultimate beneficial owner.

Neokred founders sent to judicial custody in betting-related GST evasion probe

Neokred founders sent to judicial custody in betting-related GST evasion probe

22 Apr 2026, 21:44 PM

Over the past three months, officials from 6-7 fintech firms, including Fino Payments Bank, have been arrested, sent to custody, had their offices searched, or bank accounts frozen in connection with illegal gaming tax evasion cases.

Hrithik Roshan-endorsed RUGR, Blume-backed IppoPay under DGGI scanner

Hrithik Roshan-endorsed RUGR, Blume-backed IppoPay under DGGI scanner

08 Apr 2026, 14:33 PM

RUGR and IppoPay are now part of the wider investigation into suspected GST violations tied to a high-value online betting case.

Peak XV-backed Probo under ED lens: Rs 284 crore assets seized amid online betting allegations

Peak XV-backed Probo under ED lens: Rs 284 crore assets seized amid online betting allegations

11 Jul 2025, 19:21 PM

The investigation revealed that the Probo platform defrauds its users by initially promoting a "deceptive image of a legitimate skill-based platform, only to ultimately exploit them through a betting mechanism..."

ED attaches fresh assets worth Rs 388 crore in Mahadev online betting case

ED attaches fresh assets worth Rs 388 crore in Mahadev online betting case

08 Dec 2024, 00:07 AM

The ED has seized assets valued to the tune of Rs 2295.61 crore in this case.

Who Reads Us

Fintech Highlights

  1. RBI cancels registrations of 135 NBFCs; 13 firms voluntarily exit sector

  2. HyperNorm AI bags seed funding co-led by Capital 2B, SenseAI Ventures

  3. CRED launches ‘Cash by CRED’ app

  4. Aye Finance to raise $15 million via NCDs

  5. AMFI suspends Stable Money’s mutual fund distribution arm for six months
  6. Read more news...

AI/Emerging Tech

  1. Equal AI raises Series B funding co-led by Prosus Ventures, Tomales Bay Capital

  2. Rekise Marine raises seed funding led by Accel, NKSquared

  3. Ex-Icertis executives' startup Rivvun AI bags seed funding

  4. Integra Robotics raises pre-Series A funding co-led by Finvolve, India Accelerator

  5. Celebal Technologies raises debt funding from BlackSoil
  6. Read more news...

IPO Tales

  1. Turtlemint IPO: Behind its 8x revenue jump, an internal deal does the heavy lifting

  2. Shiprocket IPO: A profitable core, costly emerging bets

  3. Fractal IPO: A bountiful harvest for PE investors, now comes the real AI test

  4. Boat IPO: A second shot amid management shake-up, flat revenues, eager to exit investor
  5. Read more news...

Money & Machines

  1. Money & Machines: MobiKwik's Third Lending Act; The Entry-Level Squeeze

  2. Money & Machines: RBI's quiet signals; Tamil Nadu's AI act

  3. Money & Machines: One on 1Pay; Gen Z goes AI-First

  4. Money & Machines: Project UPI Meta is back; A case for industrial AI
  5. Previous editions...

PE/VC Tales

  1. Zetwerk-backer Kae Capital sees more exits in next 12 months, says AI startup valuations high

  2. Micro VCs: Fueling India's startup pipeline or distorting it?

  3. Inside the fintech and financial services bets of Peak XV, Accel, Elevation

  4. Enterprise bets pay off as Arali Ventures eyes ‘larger’ third fund
  5. Read more news...

Editor's Pick

  1. Exclusive: Reserve Bank of India cracks down on misuse of education payments

  2. Inside Rebel Foods, Droom backer Lightbox's post-exodus reset

  3. The LAP rush and MSME mirage: Is fintech lending building its next risk? [Part-3]