New Delhi, October 31, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has arrested Sagar Dash in connection with an alleged online gaming and betting racket operated through All Panel Exchange (APX), accusing him of routing hundreds of crores of rupees through mule bank accounts, shell entities and a cooperative society.
The ED’s Mumbai Zonal Office-II arrested Dash on October 27 under the Prevention of Money Laundering Act (PMLA), 2002. A Special Court in Mumbai subsequently remanded him to three days of ED custody.
According to an agency statement issued on Saturday, the investigation originated from three FIRs registered in connection with alleged online gaming, betting and cyber-fraud activities in which complainants were cheated of crores of rupees.
The probe revealed that proceeds of the alleged fraud were routed through multiple mule bank accounts via Jubilee Hills Mercantile Cooperative Bank in Hyderabad before being transferred to various shell entities.
Further analysis found that substantial amounts from these entities were subsequently deposited into the nodal account of Nagarbhavi Credit Cooperative Society in Bengaluru.
The ED alleged that Dash used the cooperative society’s KYC details and fabricated documents to open a cryptocurrency account. The agency further claimed that he routed hundreds of crores of rupees through the society’s bank account, a substantial portion of which was linked to proceeds generated through illegal online gaming and betting platforms targeting unsuspecting victims through cyber scams.
Earlier, the agency had conducted searches at multiple locations across Pune, Mumbai, Bengaluru, Hyderabad, Surat and Mehsana in Gujarat. The operations resulted in the seizure of incriminating documents and the freezing of approximately Rs 9 crore held in multiple bank accounts.
The ED had also arrested Ram U. Ramdhani, CEO of Edsom Fintech Pvt. Ltd., in connection with the case.
The agency said further investigation was underway to trace the alleged proceeds of crime and dismantle the financial networks involved in the racket.
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