Online gambling tycoon pleads guilty

NEW YORK, USA: The co-founder of a popular Internet gambling company, Anurag Dikshit has pleaded guilty on Tuesday to violating the federal wire act.

Dikshit was accused of using the Internet for the purpose of transmitting interstate and foreign wagering information.

Under the prosecution Dikshit faces two years of imprisonment and fine of $250,000, but was granted bail on a bond of $15 million.

"I came to believe it was in fact illegal under the US law and I have taken full responsibility for my actions," said Dikshit in his appearance before the US court.

The former managing director of Gibraltar based online party gaming website, agreed to pay $300 million as part of cooperation deal in installments and has signed an agreement with the US District Court in Manhattan.

A resident of United Kingdom, 37-year-old Dikshit started the party gaming web site in 1997, which offered poker, casino and other gambling games. He directed the company's computer operations, developed a proprietary software platform, and also was a principle shareholder from 1998 to 2006.

He was estimated to be worth of $1.6 billion last year and was listed one among the world's richest men by Forbes magazine in 2006.