Cyber Crime
Betting on Lok Sabha Elections 2024 Hits Record High as Campaigns Heat Up – Report
Noida: In a comprehensive investigation conducted by mFilterit, a company that specializes in OSINT and Digital Fraud Detection, a sophisticated network of offshore online gaming and betting platforms has been unearthed, leveraging India’s payment systems to engage in illicit activities during the ongoing Lok Sabha Elections. These platforms, registered outside India, are not only bypassing Indian laws and tax regulations but also potentially influencing the democratic processes through election-related betting.
Exploitation of UPI and Indian Financial Channels
At the heart of this operation is the misuse of India’s Unified Payments Interface (UPI), a system widely acclaimed for its ease of use and broad adoption across Bharat. According to mFilterit’s report, these offshore sites cleverly manipulate UPI to route large sums of money via proxy or mule bank accounts, effectively masking the origins of these funds and complicating efforts to trace their origins.
Betting Dynamics: From Seats to States
The investigation highlights that the betting isn’t limited to small sums. Wagers range from as low as Rs. 100 to as whopping as Rs. 10 lakh, with various betting options available that include seat-wise, state-wise, and party-wise outcomes. This granularity allows bettors to place highly specific bets based on detailed political forecasts and insider information, thereby intensifying the stakes of the betting.
Laundering Tactics: Hawala and Cryptocurrencies
Further complicating the financial trail, the report delineates how money collected via UPI is laundered through traditional and modern illicit methods. Hawala, an informal money transfer system beyond the reach of regulatory frameworks, features prominently in these operations along with cryptocurrencies, which add another layer of anonymity to the transactions.
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Of particular concern is the expansion of these betting activities to include the outcomes of the ongoing Lok Sabha Elections. By offering odds on various political eventualities, these sites not only engage in illegal gambling but also pose a risk to the integrity of India’s electoral process. The potential influence on voter behavior and election outcomes through such platforms cannot be underestimated.
Websites Under Scrutiny (All hosted in the USA)
mFilterit’s report also lists several URLs believed to be at the core of these operations, all hosted in the United States, including notable ones like www.goid.com, www.yolo247.com, satsport247.net, www.bacardi777.com, www.self777.com, bhavani777.com and www.vignesh365.com.