The Dubai hideouts of a large illegal betting ring run by a bunch of fugitive Indians were raided by the UAE law enforcement authorities. The forces swooped in on nine villas housing about 200 people whose main job was working the phones to run the betting book. The kingpin of the group along with his two lieutenants, who had fled India, have been detained. They had floated new apps to pool in bets after their infamous online betting app was banned by India. The persons in question, with Interpol alerts on them, have been under the lens of ED which had initiated steps to declare them as ‘fugitive economic offenders’. They used mule accounts, hawala, and fake imports to move money out and invest them back in Indian stocks. If they are indeed cornered, some stocks may face pressure.


(For more on our weekly roundup of wackiest whispers and murmurs in corporate corridors & policy parlours, pick up today's edition of The Economic Times newspaper)