Indore, Dec 23 (NationPress) The Enforcement Directorate (ED) has submitted a charge sheet in a Special Court (PMLA) located in Indore, Madhya Pradesh, against a network involved in illegal ‘dabba’ trading and online betting activities, accumulating a staggering Rs 404.46 crore. This syndicate has been operating in cities such as Indore, Mumbai, Ahmedabad, Chennai, and Dubai, as reported by an official on Tuesday.

‘Dabba’ trading refers to an unlawful and unregulated form of trading where exchanges of securities or commodities take place outside officially recognised stock markets.

The investigation has unveiled a technologically sophisticated network that includes rigged trading platforms, illegal betting websites, and a cross-border money laundering system, as disclosed in the charge sheet filed concerning cheating and financial crimes on Monday by the Directorate of Enforcement.

The ED identified Vishal Agnihotri as the primary operator, supported by Tarun Shrivastava, who managed daily financial transactions and mule accounts, along with Srinivasan Ramasamy, who was responsible for configuring and manipulating MT5 servers to produce fabricated trading results.

The inquiry commenced following an FIR registered by the Indore Police regarding offences under various sections of the Bharatiya Nyaya Sanhita, 2023, which correspond to sections of the IPC, 1860.

The investigation revealed that an FIR No. 0136/2021, which pertained to an illegal online betting racket associated with individuals linked to FIR No. 041/2025, was lodged at the N.M. Joshi Marg Police Station, Mumbai, under sections of the IPC, the Maharashtra Gambling Prohibition Act, and certain sections of the IT Act. The police have also submitted a charge sheet regarding this FIR.

According to the ED, alongside Agnihotri and his associates, a parallel betting network was run by Dhaval Devraj Jain.

Jain was responsible for the underground platform 'LotusBook247', while Dharmesh Rajnikant Trivedi managed the offshore entity 'iBull Capital', and Nidhi Chandnani aided in the movement and layering of funds through structures based in Dubai.

The investigation confirmed that clients were shown simulated trades on platforms such as 'V Money' and '8Stock Height', which had no connection to recognised stock exchanges. Additionally, betting platforms like 'LotusBook247' and '11Starss' operated discreetly using anonymous accounts, encrypted communication, and cash-based settlements.

Through this investigation, the Proceeds of Crime amounting to Rs 404.46 crore have been traced back to manipulated trading platforms, illegal betting websites, and non-regulated white label applications.

Moreover, the investigation led to the provisional attachment of assets worth Rs 34.26 crore, including immovable properties valued at Rs 28.60 crore, movable assets at Rs 3.83 crore, and bank or demat account balances of Rs 1.83 crore.

Significant seizures during search operations included over Rs 5.21 crore in cash, 59.9 kilograms of silver bars, and a 100-gram gold bar.

The ED also secured valuable luxury items, including jewellery valued at approximately Rs 1.94 crore and luxury watches worth about Rs 4.77 crore, along with frozen cryptocurrency holdings exceeding Rs 41 lakh. These properties signify the material proceeds generated and held by members of the syndicate through their illicit activities.