Mumbai, October 17, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has conducted searches at 20 premises across Mumbai, Pune, Mehsana, Surat and Hyderabad as part of an investigation into an alleged online betting, gaming and cyber fraud syndicate, officials said on Saturday.
During the searches conducted on October 13, the ED’s Mumbai Zone-2 seized incriminating documents, digital devices and other evidence allegedly linked to the layering and diversion of proceeds of crime. The agency has also ordered the freezing of multiple bank accounts belonging to the entities and individuals concerned under the Prevention of Money Laundering Act (PMLA), 2002.
The latest action follows earlier searches at several locations in Pune, Mumbai and Bengaluru. The ED has also arrested Ram U. Ramdhani, founder of Edsom Fintech Private Limited, who remains in judicial custody, according to the agency.
The investigation stems from two underlying criminal cases involving the online gaming and betting platforms All Panel Exchange (allpanelexch.com) and MGM91. According to the ED, complainants were induced to deposit money through these platforms and were subsequently cheated.
The agency said its investigation under the PMLA found that funds collected from victims of both platforms were routed through multiple accounts before ultimately reaching the bank accounts of a Pune-based entity established by Ramdhani.
According to the ED, Edsom Fintech developed and operated an in-house payment intermediary platform called iPaisa. Through this platform, the company allegedly onboarded more than 200 shell or front entities, internally referred to as “merchants”, for online gaming, betting and cyber fraud operators and their agents, described as “Channel Partners/Carry and Forward Agents”.
The investigation allegedly uncovered a network of mule bank accounts used to route funds collected from victims. The agency said it had identified the controllers of the betting platforms and the shell entities allegedly used to move the proceeds of crime.
The ED further stated that a significant number of people involved in operating the online betting and gaming platforms were allegedly being directed by individuals based in Dubai.
Certain cooperative banks also allegedly facilitated the syndicate by providing infrastructure used to collect and further layer the funds, the agency said.
According to the ED, the suspected proceeds of crime were siphoned off through three principal routes: remittances disguised as trade transactions involving alleged over-invoicing; cash withdrawals from mule accounts opened under the guise of Agricultural Produce Market Committee (APMC) units; and conversion of funds into cryptocurrency to transfer the money outside India.
The investigation is continuing to trace the alleged flow of funds and establish the roles of the individuals and entities involved, the agency said.
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