India's ED searches 20 premises in online betting and cyber fraud probe

India's Enforcement Directorate searched 20 premises in Mumbai, Pune, Mahesana, Surat and Hyderabad as part of an investigation into an alleged online betting, gaming and cyber fraud syndicate, according to the agency. The inquiry involves the betting platforms All Panel Exchange and MGM91, and investigators are examining how money collected from victims moved through bank accounts and payment intermediaries. The findings remain allegations arising from the investigation.

According to the ED, funds collected through both betting platforms were routed through accounts and ultimately received by Pune-based Edsom Fintech Pvt Ltd, which was established by Ram Ramdhani. The agency said Edsom allegedly developed and operated an in-house payment intermediary platform named iPaisa, through which it onboarded more than 200 shell or front entities on behalf of online gaming, betting and cyber fraud operators and their agents. The entities were referred to internally as merchants, while the operators' agents were described as channel partners or carry-and-forward agents.

The ED said money collected from victims of online gaming, betting and cyber fraud platforms passed through a vast network of mule bank accounts before its eventual receipt by Edsom Fintech. The agency said it had identified the controllers of the betting platforms, along with shell entities that, in its account, were used to channel the proceeds of crime. Certain cooperative banks allegedly aided the syndicate by providing infrastructure used to collect and further layer illicit proceeds, the ED said.

The investigation also found that a significant number of people involved in operating the online betting and gaming platforms were being directed by individuals based in Dubai, according to the agency's account. The ED's findings link payment intermediaries, shell entities, mule accounts and cooperative bank infrastructure to the alleged movement of money, while separately identifying the Dubai-based direction of people operating the platforms. The source, The Times of India, gives no statement from Edsom Fintech, Ram Ramdhani or the platforms, and no appeal status or next steps.