Quote from: AHOYBRAUSE on Today at 02:17:38 PM

Quote from: kingbj21 on November 03, 2024, 07:54:44 AM

Stake continues to operate in a gray area in India by allowing INR deposits, which poses significant legal risks for users. Recent reports suggest that two Indian players were arrested for depositing large sums of money on Stake.com, raising serious concerns under anti-money laundering regulations.

Funds are allegedly being transferred to Australia without paying GST, directly linked to operations that involve Eddie and his associates through Gibraltar. This not only jeopardizes the financial safety of users but also puts them at risk of severe legal consequences.

I urge Stake to reassess its practices immediately. Allowing such operations to continue not only tarnishes the company's reputation but also exposes your users to potential arrests and legal repercussions. If these issues are not addressed promptly, I will have no choice but to escalate this matter to the appropriate authorities.

Take this warning seriously and act responsibly before it’s too late.

I want to chime in on that. You say it's a grey area but online betting is legal in India according to google. Stake is mainly a crypto gambling site but of course also offers INR deposits. I don't understand why Indian players are not just gambling in crypto when there might be an issue with the use of fiat, it makes no sense. It might be harder to buy crypto in India since it's also somehow a grey area but it's still a better option than fiat.
Players are depositing on their own risk knowing there might be an issue ( when there are so many reports about it), you can't blame stake for that. They obviously checked all the legal stuff before offering these options, otherwise they wouldn't do it.

I seriously don't understand what you want to achieve with words like: "I will have no choice but to escalate this matter to the appropriate authorities." Is it blackmail? Or you have a different agenda? If you want to do it then just do it because nothing will come from it anyway.

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It seems you may not fully understand the gravity of the situation, so let me clarify.

Yes, online betting may be considered a "grey area" in India, but what Stake is doing goes beyond simple legal ambiguity. Stake offers INR deposits, but they do so through unauthorized third-party vendors who are not registered for GST and do not comply with income tax laws. This isn’t just about individual players "taking a risk"—it’s about Stake systematically evading Indian tax laws and laundering money to Australia via Gibraltar, a known offshore jurisdiction for such operations.

One of their third-party vendors, Priyank Enterprises, was arrested for illegal financial activities involving huge amounts of money. Eddie himself has an FIR lodged against him in India. If their operations were truly above board, why the use of shady intermediaries and mirror sites? Why did they face an ISP ban in India?

Regarding your point about cryptocurrency: while Stake offers crypto deposits, it’s not as simple for many users in India. Crypto transactions are strictly scrutinized in India, and many players are unfamiliar or uncomfortable navigating crypto regulations, which Stake takes advantage of by encouraging easy fiat deposits, even if those deposits are illegal.

To be absolutely clear: this is not about blackmail—it's about accountability. I have already reported Stake's operations to the Cyber Crime division in India and the FBI in the US, because of their money laundering practices and tax evasion activities. If they think they can operate without consequences, they are mistaken.

I also want to highlight the unethical role of Indian cricket icon Krishnamachari Srikkanth. Under his affiliate ID "bleedblue," he has promoted IPL betting with Stake, raking in millions while promoting illegal gambling activities to Indian users. This behavior makes him a poor role model for the sport and the country. He should be held accountable for encouraging players to deposit via illegal methods and for profiting off the vulnerabilities of his fans.

Stake’s actions put Indian players at risk of serious legal trouble while benefiting from these illegal practices. My intention is simple: bring attention to Stake’s unethical activities, ensure affected players get justice, and expose anyone complicit in promoting illegal and harmful practices—including celebrities who should know better.