India probes betting platforms for crypto tax evasion
Indian authorities are intensifying their crackdown on gaming and betting applications using cryptos and offshore companies to evade taxes. According to a report from The Economic Times, several agencies are investigating networks of dummy companies that allegedly use crypto assets to transfer earnings out of the country. One of the main targets of the investigation is Parimatch, a group based in Cyprus that is accused of running one of the biggest networks under scrutiny. The group is said to have collected a whopping ₹700 crore ($84.1 million) from Indian users of gaming apps, and converted these funds into cryptocurrencies to evade detection. Moreover, the probe , led by the Directorate General of Goods & Services Tax Intelligence (DGGI), has exposed a complex web of individuals and entities involved in these operations. Around 50 platforms and individuals in Delhi have been examined as part of this ongoing probe . The report comes a week after the Indian Economic Offens...