A Maltese report detailing the investigation by the Enforcement Directorate of India, regarding that agency's investigation into money laundering in the I-Gaming industry in the Republic of Malta, and which calculated the impact of financial crime at €450,000, grossly underestimates the amount in question, according to our reliable source in India. Most likely a computational error, due to unfamiliarity with the way large figures in India's currency are expressed, we are expressing the correct sum here for the benefit of our readers. It's actually €450 million; Allow me to explain.
The Indian Government press release list the amount laundered as "Rs. 4000 Crore. "Rs'" stands for Indian Rupees. "Crore" is a word used in the Indian numbering system the way "million" is used in English, as a unit of counting, except that a Crore is equal to ten million. Therefore, the laundered amount of 4000 Crore is, in plain English, 4000 x 10 million, or 40 billion Indian Rupees, which is equivalent to 450 million Euros The current exchange rate is 1 Euro = 89 Indian Rupees. Plus, there was also cash recovered. We trust that the actual size of the money laundering through I-Gaming in Malta is better understood due to this information.
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