“The estimated turnover of these betting applications being controlled by Veerendra is more than ₹ 2000 crore,” ED said.
Published Oct 10, 2025 | 2:34 PM ⚊ Updated Oct 10, 2025 | 4:58 PM
File photo of KC Veerendra.
Synopsis: The probe agency’s investigation also revealed that Veerendra in association with other friends and family members is involved in operations of many illegal online betting websites viz. King567, Raja567 etc and cheating innocent players through the same.
The Directorate of Enforcement, Bengaluru Zonal Office, on Thursday, 9 October, seized 24 carat gold bullion weighing 40 kgs (approx.) worth ₹50.33 crore during search operations in a case registered against Congress MLA KC Veerendra and others related to illegal online betting.
In a statement released on Thursday, the probe agency said it carried out search operations on 9 October under the provisions of PMLA, 2002. Earlier, ED had seized assets worth ₹103 crore in the form of around 21kgs gold bars, cash, gold and silver jewellery, bank accounts and high-end vehicles.
With the latest search, the total seizure in the case has added up to more than ₹150 crore.
The probe agency’s investigation also revealed that Veerendra in association with other friends and family members is involved in operations of many illegal online betting websites viz. King567, Raja567 etc and cheating innocent players through the same.
“Further, the funds collected from players has been routed using several gateways like FonePaisa etc. The money so collected is routed through several mule accounts which are sourced by these betting operators from intermediaries from all across India,” the agency’s statement said.
Additionally, investigators also unearthed a nexus of online betting apps with isolated instances of cybercrime across India, by way of mule accounts created in the name of individuals in exchange for petty sums, the statement said.
“The estimated turnover of these betting applications being controlled by Veerendra is more than ₹ 2000 crore,” ED said.
Moreover, Veerendra, his family members and associates have booked several international travel tickets, visa and other hospitality services worth crores of rupees. They were financed through a network of mule accounts linked to proceeds from online betting websites.
Further, expenses like marketing, bulk SMS services, platform hosting, Search Engine Optimization etc. with respect to operations of these mule accounts is also paid through these accounts that are controlled by Veerendra and his associates.
“The evidences suggest that the funds used for these high-value transactions were diverted from illicit online activities and funnelled through multiple intermediary accounts to obscure their origin,” the statement said.
(Edited by Sumavarsha, with inputs from Anisha Reddy)
