Mumbai Businessman Loses ₹12 Crore To Parimatch | ED Probe Into Online Betting Scam

A Mumbai businessman has lost over ₹12 crore to online betting platform Parimatch, now under ED investigation. What began in 2021 with a Facebook ad and celebrity glamour soon turned into financial ruin. Over three years, the victim deposited ₹27 crore, received back ₹15 crore, but was left in massive debt after failed withdrawals. His case triggered an FIR with Mumbai Cyber Police and nationwide ED raids across 8 cities, freezing over ₹110 crore. Investigators suspect Parimatch and similar betting apps siphoned off more than ₹3000 crore from Indians. With the new Online Gaming Bill 2025 banning celebrity endorsements, the crackdown has begun—but how many victims remain in the shadows?