Mumbai, October 7, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has arrested Ram U Ramdhani, founder and CEO of Pune-based Edsom Fintech Pvt Ltd, in connection with a money laundering probe into an online gaming and betting scam allegedly operated through All Panel Exchange (APX) and related cyber fraud activities.
The ED’s Mumbai Zonal Office arrested Ramdhani on September 28 under the Prevention of Money Laundering Act (PMLA), 2002, the agency said on Tuesday.
Ramdhani was produced before the Special Court (PMLA), Mumbai, which initially remanded him to ED custody for seven days before sending him to judicial custody.
The agency said its investigation was launched following two FIRs relating to online gaming, betting and cyber fraud, in which complainants were allegedly cheated of crores of rupees.
According to the ED, proceeds generated from the alleged illegal activities were routed through multiple mule bank accounts before being transferred to Edsom Fintech. The agency said evidence gathered during the investigation showed that Ramdhani founded and controlled the company and exercised management oversight over its business activities and operations.
The probe further found that bank accounts of Edsom Fintech were allegedly linked to several types of cybercrime, including online gaming, investment fraud, online task fraud, digital arrest scams and cryptocurrency/USDT-related frauds.
The agency said funds running into hundreds of crores of rupees were routed and layered through the company’s bank accounts.
Edsom Fintech allegedly provided pay-in and pay-out services through payment gateways including Easebuzz, Cashfree and PineLabs, as well as banking channels, including those of Muslim Cooperative Bank. According to the ED, funds linked to the gaming, betting and cyber-fraud activities moved through multiple entities before being channelled through Edsom Fintech’s banking and payment network.
The arrest followed analysis of bank transactions, statements recorded under the PMLA and other documentary and digital evidence, the agency said.
Earlier, the ED conducted searches at multiple premises in Pune, Mumbai and Bengaluru. During the searches, investigators recovered incriminating documents and froze around Rs 60 lakh held in various bank accounts.
The ED said further investigation is underway as it continues to trace the alleged proceeds of crime and financial networks connected with the case.
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