ED raids 20 premises in online betting fraud probe

The Enforcement Directorate searched 20 premises across Mumbai, Pune, Mehsana, Surat and Hyderabad as part of a money-laundering investigation into alleged fraud linked to the online betting platforms All Panel Exchange and MGM91, the agency said. The searches were carried out by the ED's Mumbai zonal unit under the Prevention of Money Laundering Act (PMLA), 2002¹.

The case stems from two predicate offenses in which complainants were allegedly induced to deposit money on the betting platforms and were later cheated. Investigators say money deposited by victims was routed through more than 200 shell entities and mule bank accounts before being moved out through remittances disguised as trade transactions involving over-invoicing, cash withdrawals from mule accounts opened in the names of Agricultural Produce Market Committee (APMC) units, and conversion into cryptocurrency¹.

The investigation traced funds collected from victims to bank accounts linked to Pune-based Edsom Fintech Pvt Ltd, established by Ram U Ramdhani. The company developed and operated an in-house payment intermediary platform called iPaisa, through which Edsom allegedly onboarded more than 200 shell or front entities, described internally as "merchants", to facilitate transactions for betting platform operators and their agents, known as "channel partners" or "carry and forward agents"¹.

During the latest searches, the ED seized documents, digital devices and other material evidence allegedly linked to the movement and diversion of the proceeds of crime. Multiple bank accounts belonging to the entities and individuals concerned were frozen under the PMLA. The agency had earlier searched several locations in Pune, Mumbai and Bengaluru in the same case, and has arrested Ramdhani, founder of Edsom Fintech Pvt Ltd¹.

Investigators have also found that several people involved in operating the platforms were being controlled from Dubai, and that certain cooperative banks allegedly provided infrastructure to collect and layer the money¹.

What it means for players

The case concerns platforms that Indian authorities treat as part of an alleged fraud, not licensed betting businesses. Anyone who deposited money on All Panel Exchange or MGM91 is described in the investigation as a victim whose funds were routed onward, and the ED says accounts tied to the entities and individuals involved have been frozen. That means money already paid in may be tied up in proceedings rather than recoverable through the platforms themselves.

The mechanics described are common to betting scams in India: deposits collected through payment intermediaries, layered across shell entities and mule accounts, then moved offshore through fake trade payments and cryptocurrency. Players in India, including expats and visitors, face the same practical risk on any platform that takes money through informal payment channels rather than a regulated route. India does not permit online betting on most events, and the platforms named here were not licensed operators.

What happens next

The ED says the investigation is ongoing. Ramdhani remains arrested as part of it, and the agency has said it identified alleged controllers of the platforms and the shell entities used to route proceeds. No trial dates, charges or further hearing dates have been reported.