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New Delhi: Santiago Martin, a Coimbatore-based businessman famously known as the “lottery king,” is under investigation by the Enforcement Directorate (ED) for alleged financial irregularities linked to his Rs 15,000-crore lottery empire. The probe, initiated in 2014, has already resulted in the attachment of over Rs 1,000 crore worth of assets, with Rs 622 crore seized by the Kochi unit and Rs 409 crore by the Kolkata unit as proceeds of crime from Martin’s operations.
The ED’s investigation stems from four FIRs filed against Martin and his company: one by the CBI in 2014, two by Kolkata Police in 2022, and a fourth by the Meghalaya government in 2024. The Meghalaya FIR accused Martin’s firm of causing Rs 1,500 crore in losses due to illegal lottery sales.
Recent searches at Martin’s properties uncovered Rs 12 crore in unaccounted cash, Rs 6.4 crore in fixed deposits, and a trail of assets in Coimbatore, Chennai, Mumbai, Dubai, and London. The ED also found investments linked to Martin in the stock market. His firm, Future Gaming & Hotel Services Pvt Ltd, has allegedly used over 350 shell companies and special purpose vehicles (SPVs) to acquire properties with proceeds of crime.
Martin reportedly manipulated unsold lottery bundles, including prize-winning tickets, by distributing them among relatives and associates who later claimed substantial winnings. These tickets, neither sold to the public nor returned to state governments, were used to purchase properties.
Between 2019 and 2024, Martin’s company became a top donor to political parties through electoral bonds, contributing Rs 1,368 crore. Beneficiaries included a political party, which received Rs 542 crore of its Rs 1,592 crore bond income from Future Gaming, and the DMK, which received Rs 503 crore out of Rs 632 crore. Other recipients included few more political parties.
In 2023, Mary Sonty Marak, Director of Meghalaya State Lottery, filed an FIR accusing Martin and his associate Subbayan Nagarajan of intimidating stockists and sub-stockists, thereby obstructing the official distribution of lotteries and causing Rs 1,500 crore in losses to the state.
Despite generating over Rs 15,000 crore annually, Future Gaming declared minimal profits, with major business operations concentrated in West Bengal (90%) and Sikkim. The company paid only Rs 8-10 crore annually to Sikkim as revenue share until 2014, despite significant cash flow. Martin also held a presence in Kerala (until 2010), Punjab, Goa, and Maharashtra.
The ED is now investigating allegations that Martin sold attached assets and may file a case over the alleged criminal acts.
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Coimbatore's 'Lottery King' Santiago Martin Under ED Scanner: Rs 15,000-Crore Annual Turnover Exposed – The420.in
