Page last updated at 01:00 GMT, Wednesday, 17 December 2008

Gambling tycoon to forfeit $300m

Anurag Dikshit, file pic courtesy of PartyGaming
Anurag Dikshit still holds a major stake in PartyGaming

The billionaire co-founder of an internet gambling company has pleaded guilty to violating US internet laws and agreed to forfeit $300m (192m).

Anurag Dikshit, co-founder of the UK-listed company PartyGaming, entered the plea in a New York federal court.

He is charged with violating federal gambling laws, an offence which could incur a prison term of up to two years.

Mr Dikshit, an Indian national with an estimated fortune of $1.6bn, declined to comment to reporters.

The US justice department said Mr Dikshit, 37, had pleaded guilty to one count of "using the wires to transmit bets and wagering information".

US gambling law reforms in 2006 effectively made it illegal for PartyGaming to trade there.

Correspondents say Mr Dikshit, who still holds a major stake in the company, is unlikely to serve any jail time because of a plea agreement with prosecutors.

Mr Dikshit, who was released on a $15m bail pending sentencing next December, has already paid $100m.

Print Sponsor

Partygaming seeks US resolution
05 Mar 08 |  Business
US law hits Partygaming profits
01 Mar 07 |  Business
Partygaming in rival buyout talks
28 Dec 06 |  Business
US gaming ban hits UK firms most
02 Oct 06 |  Business

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific