“This is not merely a financial scandal. It is an ethical one. At stake is the very question of what Goa’s economy should stand for. Is the state comfortable with being a haven where gambling dens double up as gateways for illicit finance? Should public policy continue to justify casinos as engines of tourism while ignoring their role as conduits for black money and addiction? For a state already battling unemployment, inflation, and ecological degradation, relying on an industry tainted by illegality is a short-sighted and morally bankrupt choice.”
The Enforcement Directorate’s recent raids on casino operators in Goa and elsewhere have ripped the mask off an industry that has long been hiding in plain sight. For years, casinos have been sold to the public as a glamorous source of tourism and revenue, but this week’s revelations expose how easily they can slide into becoming laundromats for black money, foreign exchange violations, and the shadowy world of cryptocurrency. The seizures of cash, foreign currency and digital assets point not to a stray case of misconduct but to something far more structural: a system of deliberate evasion and political complicity.
Casinos in Goa are not merely a leisure industry. They are a political economy. Licenses are issued and renewed under conditions that often escape public scrutiny. The state’s coffers depend on its operations and political parties across the spectrum have benefited from the revenue and the patronage that flows from casino magnates. Against this backdrop, the discovery of poker chips being swapped for foreign currency, winnings spirited abroad, and cryptocurrency wallets being used to mask flows of funds is not an aberration. It is a symptom of a business model that thrives on opacity.
The raids also show how woefully behind the regulatory system has been. A thriving online gambling ecosystem linked to casino promoters was apparently operating with impunity. That such platforms could run openly, targeting Indian customers and channelling funds through mule accounts and angadia networks, raises uncomfortable questions. Were regulators asleep, or were they simply unwilling to ask tough questions because of the money and influence at stake? A system that relies on periodic enforcement crackdowns instead of continuous monitoring only encourages wrongdoers to treat fines and raids as a cost of doing business.
The use of cryptocurrency in these transactions is especially alarming. Digital tokens like USDT provide anonymity and portability, making them perfect tools for laundering and cross-border transfers. For investigators, freezing a few wallets or seizing a few lakh worth of digital currency is akin to skimming foam off the surface of a deep ocean.
The scale of hidden transactions is likely to be many times greater. If casinos in Goa are already embedding crypto into their operations, then the regulatory system is hopelessly behind the curve. India has been slow to evolve a coherent policy on crypto, and cases like this show that the delay has left open dangerous loopholes.
This is not merely a financial scandal. It is an ethical one. At stake is the very question of what Goa’s economy should stand for. Is the state comfortable with being a haven where gambling dens double up as gateways for illicit finance? Should public policy continue to justify casinos as engines of tourism while ignoring their role as conduits for black money and addiction? For a state already battling unemployment, inflation, and ecological degradation, relying on an industry tainted by illegality is a short-sighted and morally bankrupt choice.
The political class cannot wash its hands of this mess. Who gave the licenses? Who renewed them year after year? Who ignored warnings about the risks of online gambling platforms tied to physical casinos? And why has there been no comprehensive audit of casino finances? The silence of those in power speaks louder than the seizures of crores in cash and crypto. Without political will, the most these raids will achieve is a temporary chill before business resumes as usual in air-conditioned gambling halls along the Mandovi.
What Goa needs is not token crackdowns but structural reform. Every casino license must be subject to a forensic audit. Disclosures of finances must be made public and digital surveillance must be integrated into oversight. Crypto flows must be tracked with urgency, and loopholes in licensing rules plugged so that operators cannot simply shift shady dealings online. More importantly, the people of Goa must demand transparency and accountability, rather than accept casinos as an untouchable part of the state’s landscape.
The raids have exposed what many suspected all along: that behind the glitz of casinos lies a darker underbelly of crime, corruption and collusion. Goa now faces a choice. Either it confronts this reality with courage and reforms an industry that has been allowed to grow unchecked, or it continues to live with the knowledge that its economy rests on shadows.
