Fairplay scam: Gov’t uncovers almost $500M laundering operations in India
The Enforcement Directorate (ED), a law enforcement and economic intelligence agency of the Government of India, has exposed a massive money laundering operation involving the Fairplay betting app, where over ₹4,000 crore ($469.6 million) was illegally moved outside the country using fake companies, shell bank accounts, and unregistered payment gateways. The chargesheet, filed before a special PMLA court, names Krish Laxmichand Shah, Chirag Shah, and Chintan Shah as the key accused in the illegal betting network.
Dummy bank accounts
According to the ED, the accused used around 400 dummy bank accounts to collect funds from Indian users. These accounts were held in the names of individuals with no real involvement in the business. The proceeds were then routed through shell companies such as NS Online Services, Dynamic Services, and Signox Overseas under the guise of bogus import transactions.
Further, some of the funds were channelled through pharmaceutical firms involved in fake billing, before being sent to offshore entities in Hong Kong, China, and Dubai.
Illegal streaming and betting on lok sabha elections
Fairplay is an unregistered sports betting and online casino platform in India. It gained traction by illegally streaming popular events, including Indian Premier League (IPL) matches. The ED investigation revealed that Fairplay also allowed betting on the 2024 Lok Sabha elections — an activity strictly prohibited under Indian law.
The case stems from a complaint filed by Viacom18 in April 2023, alleging unauthorised IPL streaming by Fairplay, resulting in an estimated loss of ₹100 crore. Following the FIR, Maharashtra Cyber Police initiated the investigation, later taken over by the ED.
Celebrity promotions and user credibility tactics
To attract and retain users, Fairplay launched marketing campaigns featuring several celebrities. The platform also offered free IPL match streams and returned nearly 70 percent of collected funds back to players to build trust, according to ED officials. The celebrities who promoted Fairplay were later summoned by Maharashtra Cyber Police.
Links to Mahadev Online Book and Dubai operations
Investigators have found direct links between Fairplay and the Mahadev Online Book (MOB) network, another illegal betting platform under ED probe. Krish Shah, believed to be operating from Dubai, set up firms like Fair Play Sport LLC and Fairplay Management DMCC to handle Indian operations. He also shifted the app’s domain registration to Dubai-based Anil Dadlani in an effort to hide ownership.
Key arrests and ongoing probe
In February 2025, the ED arrested Chirag and Chintan Shah, who managed Fairplay’s software backend. Meanwhile, three individuals linked to Maa Sharda Sales, accused of laundering ₹13 crore, were denied anticipatory bail. Krish Shah and associate Siddhant Iyer are currently absconding.
The ED has also identified payment gateway firms like Beffy Finserv Pvt Ltd and Truefund Innovations India Pvt Ltd for facilitating illegal payouts worth ₹3,000 crore. These firms allegedly misused their arrangements with Axis Bank to mask suspicious transactions.
The investigation is ongoing, with authorities tightening their focus on offshore assets and other individuals linked to the illegal network.
