By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sikkim Breaking News | News From SikkimSikkim Breaking News | News From Sikkim
  • Home
  • Trending
    • Latest News
    • Global News
    • Week in Review
  • Politics
    • Sikkim
    • North-East
    • Darjeeling & North Bengal
    • National
  • SC Investigatives
  • SC Stories
    • Education
    • Social Issues
    • Geo-Politics
  • Opinions
  • एस सी नेपाली
  • Health
  • Society
  • Fact-Checks
Reading: Sikkim Lottery Case: ‘Sikkim Government incurred loss around ₹900 Crores’ ED reveals
Share
Notification Show More
Aa
Sikkim Breaking News | News From SikkimSikkim Breaking News | News From Sikkim
Aa
  • Trending
  • World
  • Travel
  • Opinion
  • Science
  • Technology
  • Fashion
  • Home
    • Home 1
    • Home 2
    • Home 3
    • Home 4
    • Home 5
  • Categories
    • Technology
    • Opinion
    • Travel
    • Trending
    • Fashion
    • World
    • Science
    • Health
  • Bookmarks
  • More Foxiz
    • Sitemap
Follow US
Sikkim

Sikkim Lottery Case: ‘Sikkim Government incurred loss around ₹900 Crores’ ED reveals

SC Desk
Last updated: 2023/05/19 at 9:59 AM
By SC Desk
Share
2 Min Read
SHARE

SC Desk: In an investigation, Enforcement Directorate revealed that ‘Santiago Martin’ also known as the “lottery king,” and his associates made ‘illegal gains’ causing a loss of Rs910 crore to the Sikkim government through a lottery scam.

The lottery scam occurred during the period of 2009-10. Santiago Martin’s Coimbatore-based company, Future Gaming Solutions Private Limited, which served as the master distributor of Sikkim lotteries in Kerala, is accused of making “unlawful gains” by allegedly exaggerating the prize-winning claims.

Santiago Martin

On May 11 and 12, the agency conducted fresh investigations and raids against Martin and his family members in Chennai and Coimbatore.

The ED has been investigating Martin and his company in Tamil Nadu since 2019. The money laundering case stems from a CBI charge sheet filed against Martin and his associates for alleged offenses relating to the sale of Sikkim government lotteries in Kerala.

In a statement, the ED mentioned that Martin and his associated companies made illegal gains by inflating the prize-winning tickets. The scam took place between April 1, 2009, and May 31, 2010.

As part of the investigation against the “lottery king,” assets worth approximately ₹450 crore have been frozen under the anti-money laundering law. Investments of the group, such as fixed deposits and mutual funds worth ₹157.7 crore, have been frozen under the Prevention of Money Laundering Act (PMLA), 2002. Additionally, immovable properties worth ₹299.16 crore were seized.

The ED also revealed that properties worth about Rs 457 crore were discovered as a result of search operations and have been seized/frozen.

By Aishwarya Shah. The author is a student of Department of Mass Communication, SRM University Sikkim. She can be contacted at shahaishwariya31@gmail.com

TAGGED: Gangtok, News from Sikkim, Sikkim, Sikkim News
SC Desk May 19, 2023 May 19, 2023
Share This Article
Facebook Twitter Copy Link Print
Share
By SC Desk
Sikkim Chronicle is a unit of Yonika Infotainment Pvt. Limited. Sikkim’s first registered digital news platform which believes to provide right, reliable and credible news and information to the people of Sikkim and around. We have endeavored to appropriately credit the source of all intellectual property we share through this community.
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

You Might Also Like

Sports

Thunderbolt North United lead tight Sikkim Premier League table after thrilling opening round

By Avinav Pradhan
SikkimTrending

Sikkim Legislative Assembly Adopts Paperless Initiative

By Nirmal Mangar
PoliticsSikkimTrending

Tibetan Community Expresses Gratitude to Rajya Sabha MP Shri Dorjee Tsering Lepcha

By SC Desk
Resident of Jorethang Murders Wife Over Domestic Feud
SikkimTrending

Resident of Jorethang Murders Wife Over Domestic Feud

By SC Desk
Facebook Twitter Youtube Instagram
Company
  • About us
  • Privacy Policy
  • Terms and conditions
  • Disclaimer
  • ADVERTISE WITH US
  • Disclosure of Grievances
  • Support our Journalism
  • WORK WITH US
  • Contact
More Info
  • Innovate
  • Gadget
  • PC hardware
  • Review
  • Software

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

[mc4wp_form]

Join Community
© Copyright 2023, All Rights Reserved | The Sikkim Chronicle | Designed by Nanda Lall Sharma
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?