ED uncovers 350+ shell companies linked to Lottery King Santiago Martin in money laundering probe

ED investigates Lottery King Santiago Martin over alleged money laundering and shell companies

The Enforcement Directorate (ED) has uncovered a vast network of over 350 shell companies linked to lottery magnate Santiago Martin, alleging large-scale money laundering and property acquisitions using diverted lottery funds. This revelation comes nearly a decade after the agency registered its first case against him in Kochi.

Massive network of shell companies

According to ED officials, Santiago Martin and his family incorporated:

• 15 partnership firms
• 200 companies
• 110 limited liability partnerships (LLPs)

The agency’s assessment found that these entities served primarily as land-holding firms rather than functional businesses, with no independent source of funds aside from diverted proceeds from the lottery business.

Electoral Bond donations and political links

Significantly, Santiago Martin’s company, Future Gaming, emerged as the largest purchaser of electoral bonds, contributing Rs.1,368 crore between 2019 and 2024. Donations were made across party lines:

• Trinamool Congress: Rs.542 crore
• DMK: Rs.503 crore
• YSR Congress: Rs.154 crore
• BJP: Rs.100 crore

Allegations of money laundering and property holdings

The ED has accused Santiago Martin of facilitating money laundering for multiple Politically Exposed Persons (PEPs) in Tamil Nadu. Investigators claim that these 350+ shell firms and LLPs were used to acquire properties under the pretense of false liabilities.

The book value of these properties is estimated at over Rs.3,000 crore, while the market value is believed to be significantly higher.

Recent ED raids and property seizures

During searches conducted from November 14-16, 2024, the ED seized crucial records revealing massive investments in real estate across:

• Coimbatore
• Chennai
• Dubai
• London

The agency has also alleged that Santiago Martin attempted to sell certain properties already attached by the ED’s Kochi zonal office in 2019. These include:

• A land parcel in Kalipalayam, Tamil Nadu
• A 3.75-acre plot in the same area

In total, the Future Group and its flagship company, Future Gaming and Hotel Services Private Limited (FGHSPL), have had assets worth Rs.910-920 crore attached by the ED.

SC restraint on ED’s access to seized devices

On December 25, 2025, the Supreme Court, in an ex-parte order, restrained the ED from accessing electronic devices seized during raids at 22 locations across six states in November.

The December 13, 2024, Supreme Court order has clubbed the Santiago Martin case with four similar cases where electronic evidence seizure and usage have been legally challenged.

Seized devices include:

• 17 mobile phones
• Computer hard disks
• Pen drives

The ED alleges that Santiago Martin is using the SC order as a delay tactic, avoiding personal appearances before investigators. His son, Jose Charles, appeared twice in December 2024 but later refused to appear, citing relief granted by the Supreme Court.

Legal response to ED allegations

Supreme Court lawyer Rohini Musa, who filed the petition to stay the use of electronic evidence, dismissed the ED’s claim that Martin was using the SC order to avoid investigation.

She stated, “That is not a fair statement; the order speaks for itself. It applies only to specific proceedings. Other cases should proceed as per the law. The ED has yet to file a response on the restraint, and any allegations regarding shell companies should be properly presented in court.”

The case remains under investigation, with further legal battles expected in the Supreme Court over the seized electronic data and money laundering allegations.

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