ED

Big Daddy Casino Group has issued a formal statement clarifying ongoing inquiries by India’s Enforcement Directorate (ED), denying claims that its funds have been seized. The company emphasized its commitment to regulatory compliance and transparency, asserting that all operations continue unaffected. The ED inquiry reportedly pertains to financial transactions under scrutiny, but the group stresses that no asset confiscation or operational restrictions have been imposed.

The Enforcement Directorate (ED) has launched coordinated raids at multiple locations, including a prominent casino in Goa, as part of an investigation into alleged violations of the Foreign Exchange Management Act (FEMA). The probe centers on the use of poker chips for foreign currency transactions, potentially bypassing regulatory frameworks and facilitating unrecorded cross-border money flows. Authorities are examining financial records, gaming operations, and corporate entities linked to the casino.

The Enforcement Directorate (ED) intensified its crackdown on financial irregularities with a series of coordinated raids across multiple states, targeting offshore casinos and allied business entities. The operation, which spanned several hours, culminated in the seizure of over Rs. 2.2 crore in unaccounted cash. Officials stated that the raids were part of an ongoing probe into suspected money laundering activities, tax evasion, and the use of illegal financial channels by entities connected to the gambling and hospitality sector.