Vizag cops bust Rs 350 crore online betting racket

  Visakhapatnam: The police here have dismantled an international cricket betting racket that had illegally funneled approximately Rs 357 crore into 63 bank accounts through online cricket betting apps.

Eleven individuals were apprehended and remanded to judicial custody.

Police said a victim, Yerra Sattibabu, complained about the fraud at the recently held Spandana programme after he participated in the online cricket betting.

DCP Kanchi Srinivas said the police scrutinised Sattibabu's bank transactions and noticed a complex web of financial transfers. Large sums had been routed to Merupu Reddy Suribabu, identified as a key bookie, in the operation.

“We have arrested 11 persons. Two key figures – Dinesh (Monu) and Vasudev Rao - are believed to be the masterminds behind the racket, but they are absconding," the DCP stated.

The accused had engaged in fraudulent activities by maintaining counterfeit accounts alongside their genuine bank accounts. The scheme involved a staggering 63 bank accounts through which illicit transactions totaling Rs 357 crore were made.

“We aim to also freeze an additional Rs 75 lakh found in 32 bank accounts and would seek the assistance of banking institutions to do this,” police said.

Suribabu, hailing from Ankapalle, was seen as a key figure in the online cricket betting racket. Initially a participant in online betting, he rose to the role of a bookie and orchestrated betting activities during events like the IPL and international tournaments.

Suribabu managed transactions involving approximately 30 individuals per game, with around Rs 5 lakh per transaction. On average, his annual transactions ranged from Rs 5-6 crore.