GUWAHATI: The Directorate of Enforcement (ED), Guwahati Zonal Office, has arrested alleged IPL betting kingpin Alok Kumar Jain under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing money laundering investigation linked to illegal betting activities during the IPL season.
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According to the ED, Jain was arrested on July 20, 2026, after the agency obtained a production warrant from the Special PMLA Court in Guwahati, as he was already in judicial custody in the predicate offence. The court has granted the ED four days' custody of the accused for further investigation.
The investigation revealed that Jain allegedly acted as a principal operator of an organised illegal betting syndicate, managing and settling IPL bets through foreign-based online betting portals, including Sky Exchange, WiFi Exchange, and Bull Intranet.
To conceal and layer the proceeds of crime generated through the betting operations, Jain allegedly created an intricate network of mule bank accounts. The ED said he fraudulently collected the KYC documents of his domestic staff to open multiple bank accounts linked to his personal mobile number and routed illegal betting proceeds through these accounts without the knowledge or operational consent of the actual account holders.
The agency further alleged that the illicit proceeds were systematically integrated into the formal economy through bullion purchases, luxury lifestyle goods, and real estate acquisitions. Seized financial records reportedly show that Jain moved substantial amounts of money through business channels, converting betting proceeds into bullion, gold, and other high-value luxury assets.
The investigation also found a significant mismatch between Jain's declared income and his actual financial holdings. According to the ED, his income tax filings were disproportionately low compared to the assets and financial dealings uncovered during the probe, including unexplained loans, advances, transfers to family members, and control over multiple immovable properties.
The ED stated that the investigation is continuing to ascertain the total quantum of proceeds of crime generated and allegedly laundered by Alok Kumar Jain.