ED Probes iBomma Ravi Case: The Enforcement Directorate (ED) has officially acted in the latest twist to the iBomma piracy saga. After Sahil Ravi, the founder of iBomma, was arrested without delay by Hyderabad local police, the ED has dispatched an official letter requesting all details regarding the case from the Commissioner of Police in Hyderabad. According to the deviants, this online streaming platform might have links with crimes of larger magnitude such as money laundering and transnational fund movement.
Police said these agencies have frozen ₹3.5 crore belonging to Ravi under money laundering. Regardless of how the cross-border financial irregularities have emerged, it is well established: millions of rupees have been transferred from foreign accounts to Ravi’s Indian bank account.
Besides this, police had located approximately ₹15 lakhs being funneled from a crypto wallet to Ravi’s NRE account monthly. This sustained inflow of cash from digital currency has led the ED to delve deeper into potential associations with unlawful online transactions, encrypted transfers, and uncontrolled international revenue streams.
The police inquiry relates to the Hyderabad police directing investigations related to around 30 other bank accounts belonging to Ravi and his associates. Such accounts are presently being investigated to see if they were used in routing the revenues from piracy or to launder those proceeds between jurisdictions. Economic Crime police have dispatched requests to several banks for comprehensive bank statements, KYC documentation, and transaction particulars concerning those accounts.
Factually, since the ED’s entry into the case, it may become much bigger. ED will carry on independently tracing the financial trail for indicators of PMLA violations. This may bring about more arrests, attachment of more properties, and deeper tracing into the digital currency ecosystem.
Also Read: How Telangana Police Caught iBomma Ravi: Wife’s Help or Cyber Trail?
In the evolving scenario concerning this I-movie pirating syndicate, as with the rest of the schemes of the A-to-Z piracy operations in India, every option available to them shall be pursued by the authorities with great determination. In the forthcoming weeks, more arrests or findings may emerge as the ED traces the digital and financial footprints of the operatives.
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