New Delhi / Bengaluru: The Directorate of Enforcement, Bengaluru Zonal Office, has issued a Provisional Attachment Order (PAO) on January 29, 2026, under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a large-scale illegal online betting and gambling operation allegedly masterminded by KC Veerendra and his associates.
Under the order, assets worth approximately ₹177.3 crore have been provisionally attached. These include immovable properties such as agricultural land and residential sites, along with movable assets identified as proceeds derived directly from illegal online betting and gambling activities.
The investigation was initiated based on multiple FIRs registered by various State Police authorities across several states under sections of the Indian Penal Code, 1860, which qualify as scheduled offences under the PMLA. The FIRs relate to allegations of cheating, impersonation, and extortion of the general public through illegal online betting platforms, including King567 and other associated websites.
According to the ED, investigations revealed that KC Veerendra and his associates operated a nationwide illegal betting network using a uniform modus operandi. Unsuspecting users were lured into placing bets on rigged online casino-style platforms, with funds collected through multiple payment gateways into designated payment aggregator accounts. Victims were initially shown fabricated winnings to gain confidence, after which withdrawal access was blocked.
The probe uncovered extensive use of hundreds of mule accounts and multiple payment gateways to launder the proceeds of crime. Earlier, the ED conducted search and seizure operations at over 60 premises across several states under Section 17 of the PMLA, leading to the seizure of large amounts of cash, gold bullion, gold and silver jewellery, vehicles, digital devices, and incriminating documents.
KC Veerendra was arrested under Section 19 of the PMLA, and a prosecution complaint has already been filed before the designated Special Court under the Act.
With the latest attachment, the total value of assets attached in the case has crossed ₹320 crore. The ED has further identified proceeds of crime exceeding ₹2,300 crore, generated through illegal online betting and gambling activities and laundered through layered financial transactions.
The investigation remains ongoing to trace the remaining proceeds of crime and identify all beneficiaries involved in the illicit network.
About the Author
