Financial fraud through online gambling: Chachai’s Rs. 68 crore freeze WAALI News


Financial fraud through online gambling: Chachai’s Rs. 68 crore freeze

The law enforcement officers who carried out a thorough search of the company and its related offices, which were involved in financial fraud by many people, including children, through gambling mobiles online, discovered that the company Rs. More than 68 crores in bank deposits have been frozen.

The Department of Law Enforcement said in a news release on Tuesday:

The raid was carried out at 3 offices belonging to a company called “Koda Money Exchange India Private Limited” (CPIPL) which is under investigation in connection with a money laundering case.

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A case has been registered in various police stations against this company for financial fraud via mobile games such as “Karena Free Fi, Teen Patti Gold, Call of Duty”. The company collects money from players on the basis that participants in this game can buy octal (digital) tokens by paying them to improve their gaming skills.

Additionally, the Company sends a “pop-up” notification link to the Game Participant once they have made a successful payment through the payment process designed by the Company. This allows CODA to automatically withdraw money owed by players from their bank accounts without their consent.

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As these games are mainly played by children, when children access the internet without understanding these technical details sent on behalf of the company, the company gets permission to take money.

Coda then hands over the fraudulently collected money under the guise of selling “financial transactions” to its parent company in Singapore. Through these games, Coda has so far collected Rs. 2,850 crore, after tax expenditures and nominal profit, the remaining rupees. 2,265 crore was sent to the parent company in Singapore, the survey found.

In addition, the parent company in Singapore fully controls the sale of “cash transactions”, which the company calls cash collection. The investigation also revealed that there was no control over CBIPL in India.

Therefore, under the accusation of fraudulently withdrawing money from the bank accounts of customers who did not fully understand the details, all the bank accounts of the company CBIPL, the company’s unique identification number for the monetary transactions and bank fixed deposit held against the company of Rs. 68.53 crores have been frozen under the Prevention of Money Laundering Act, the Law Enforcement Directorate said.


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