ED attaches Fairplay Dubai properties worth ₹307 Cr

real estate5 days ago

The Enforcement Directorate (ED) has attached Fairplay Dubai properties and bank deposits worth over ₹307 crore in connection with its money laundering probe. The action, taken under the Prevention of Money Laundering Act (PMLA), is part of a broader crackdown on illegal betting networks and unauthorized sports broadcasting.

The new attachment order

The latest order, issued on 19 September 2025, covers luxury properties in Dubai along with sizeable domestic deposits. According to investigators, these assets were acquired using proceeds from illegal betting operations and unauthorized broadcasting of sports events, particularly cricket matches. While ₹307 crore has been attached in this round, officials estimate that the total proceeds of crime linked to Fairplay run into several hundred crores more.

This is not the first such move in the case. With this attachment, the total value of assets seized and frozen in the Fairplay investigation has now climbed to around ₹651 crore, covering both India and overseas locations.

How the case began

The investigation began after Viacom18 Media Pvt Ltd, which holds broadcast rights for the Indian Premier League (IPL), filed a complaint with Mumbai’s Cyber Police. The company alleged that Fairplay and its associated networks were illegally streaming IPL matches, causing losses of more than ₹100 crore.

Soon after, other complaints were filed in different states, accusing Fairplay of facilitating large-scale online betting. The FIRs were consolidated, and ED stepped in under PMLA to investigate the suspected money laundering trail.

Who is behind Fairplay

According to ED, businessman Krish Laxmichand Shah is the central figure running Fairplay’s global operations. He allegedly floated a maze of companies across jurisdictions such as Curaçao, Dubai, and Malta to mask ownership and move money through multiple channels. Entities like Play Ventures NV, Dutch Antilles Management NV, Fair Play Sport LLC, Fairplay Management DMCC, and Play Ventures Holding Limited have been linked to the case.

Investigators say Shah, along with his close associates and family members, diverted betting proceeds to acquire properties abroad. Many of these assets were allegedly registered under the names of intermediaries to avoid detection.

Two individuals linked to the group, Chintan Shah and Chirag Shah, were arrested earlier this year. The agency has already filed a chargesheet in a special PMLA court in Mumbai, which took cognisance of the matter in April 2025.

The scale of the alleged crime

Officials say Fairplay’s business model was based on two streams unauthorized broadcasting and illegal betting. On one hand, matches and shows were streamed without licenses, diverting legitimate advertising and subscription revenues. On the other, the platform allegedly acted as a hub for betting, drawing users across India and abroad.

By routing funds through offshore companies and digital wallets, the group is believed to have laundered significant amounts. With over ₹651 crore already seized and attached, investigators believe the final figure could be much higher.

Why Dubai properties matter

The attachment of Dubai properties highlights a growing pattern in financial crime cases proceeds of crime being parked in foreign real estate markets. Dubai has often been a preferred destination because of its luxury housing market, tax-free environment, and proximity to India. For enforcement agencies, freezing assets abroad is a complex process, requiring cooperation with local authorities.

By securing properties in Dubai, ED has demonstrated its intent to trace and immobilize overseas assets, ensuring that suspects cannot easily liquidate or enjoy them while the case is in court.

Legal and enforcement challenges

Tackling online betting networks like Fairplay is a legal and technological challenge. The platforms often operate through international domains, offshore registrations, and encrypted transactions, making them difficult to track. Funds are frequently layered through multiple accounts and digital assets before being invested in tangible properties.

Enforcement agencies also face hurdles in securing cooperation from foreign jurisdictions. In the Fairplay case, ED will work with authorities in the United Arab Emirates to maintain the freeze on Dubai assets. Any future recovery or confiscation will depend on both Indian and international legal proceedings.

Broader implications

The Fairplay case has implications that go beyond one company. It underscores the massive shadow economy driven by illegal betting in India. Cricket, especially the IPL, remains the biggest magnet for betting syndicates. Losses from piracy and illegal streaming also hit legitimate broadcasters and the government’s tax revenues.

The case also shows how globalized money laundering has become. Using shell companies in tax havens and parking wealth in overseas real estate are classic methods of hiding illicit funds. ED’s aggressive pursuit of both domestic and foreign assets signals a tougher stance on such practices.

What happens next

The provisional attachment order is just one step. Under the PMLA, ED will present the case before an adjudicating authority, which will confirm whether the assets remain frozen. Parallel to this, court proceedings will continue against those accused of laundering funds through Fairplay.

If the charges are proven, the properties and bank deposits could eventually be confiscated by the government. Meanwhile, more arrests and attachments are expected as investigators widen their probe into Fairplay’s network of companies and beneficiaries.

Conclusion

The attachment of ₹307 crore worth of assets, including luxury properties in Dubai and bank deposits in India, marks a significant escalation in the Fairplay case. With over ₹650 crore now frozen, the Enforcement Directorate has drawn a clear line against the use of illegal betting and piracy proceeds to acquire global assets.

The outcome of this case will be closely watched, not only because of the sums involved but also for its impact on future crackdowns against digital betting platforms and offshore laundering. For regulators and investigators, Fairplay represents both a challenge and a test case in tackling the new frontiers of financial crime.