ED arrests Edsom Fintech CEO in ₹100 crore-plus online gaming fraud case
Synopsis
The ED has arrested the founder and CEO of Pune-based Edsom Fintech, alleging his company channelled hundreds of crores in cyber-fraud proceeds — from online gaming and digital arrest scams to crypto fraud — through mainstream payment gateways and cooperative bank networks. The case exposes a critical gap in India's digital payments oversight.
Key Takeaways
Ram U Ramdhani , Founder and CEO of Edsom Fintech Pvt Ltd , was arrested by the ED on 28 September 2026 under PMLA, 2002 .
The case is linked to online gaming and betting scam platform All Panel Exchange (APX) and multiple cyber-fraud operations.
Funds reportedly worth hundreds of crores of rupees were routed and layered through Edsom Fintech's bank accounts.
The company used payment gateways including Easebuzz , Cashfree , and PineLabs , as well as Muslim Cooperative Bank channels.
ED searches across Pune , Mumbai , and Bengaluru led to recovery of incriminating documents and freezing of approximately ₹60 lakh .
The Special Court (PMLA), Mumbai initially remanded Ramdhani to 7 days of ED custody before judicial custody.
The Enforcement Directorate (ED), Mumbai Zonal Office, arrested Ram U Ramdhani, Founder and CEO of Pune-based Edsom Fintech Pvt Ltd, on 28 September 2026 under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an online gaming and betting scam linked to All Panel Exchange (APX) and a sprawling web of cyber-fraud operations. The agency confirmed the arrest in an official statement on Tuesday, 6 October.
Court Remand and Legal Proceedings
Following the arrest, the Special Court (PMLA), Mumbai, remanded Ramdhani to ED custody for seven days before transferring him to judicial custody. The investigation was triggered by two First Information Reports (FIRs) registered in connection with online gaming, betting, and cyber frauds, in which complainants were allegedly defrauded of crores of rupees.
How the Money Was Laundered
ED's investigation revealed that fraud proceeds were routed through multiple mule accounts before being funnelled into Edsom Fintech Pvt Ltd, a company founded and controlled by Ramdhani. According to the agency, he exercised direct management and control over the company's operations.
Edsom Fintech's bank accounts were found to be linked to a range of cybercrime categories, including online gaming fraud, investment fraud, online task fraud, digital arrest scams, and crypto/USDT-related frauds. Funds reportedly amounting to hundreds of crores of rupees were routed and layered through the company's accounts. The firm reportedly provided pay-in and pay-out services through payment gateways such as Easebuzz, Cashfree, and PineLabs, as well as through banking channels including Muslim Cooperative Bank.
Searches, Seizures and Evidence
Prior to the arrest, ED conducted searches at multiple premises across Pune, Mumbai, and Bengaluru. Incriminating documents were recovered during the operations, and approximately ₹60 lakh lying across various bank accounts was frozen. The arrest was based on detailed analysis of bank transactions, statements recorded under the PMLA, and other documentary and digital evidence gathered during the probe.
Broader Significance
This case is part of a widening crackdown by the ED on fintech intermediaries allegedly used to launder proceeds from digital fraud networks. Notably, the alleged use of mainstream payment gateways and cooperative bank channels points to vulnerabilities in India's growing digital payments ecosystem. The agency stated it remains committed to tracing and dismantling illicit financial networks under the PMLA. Further investigation is ongoing.
Point of View
Cashfree, and PineLabs without triggering adequate flags raises uncomfortable questions about KYC and transaction-monitoring standards in the fintech sector. The ED's focus on the 'pay-in/pay-out' layer is a signal that enforcement is moving up the value chain, from end fraudsters to the enabling financial plumbing. Regulators, especially the RBI, will face pressure to tighten merchant onboarding norms before the next such network surfaces.
NationPress
6 Oct 2026
Frequently Asked Questions
Who is Ram U Ramdhani and why was he arrested?
Ram U Ramdhani is the Founder and CEO of Pune-based Edsom Fintech Pvt Ltd. He was arrested on 28 September 2026 by the Enforcement Directorate under the PMLA, 2002, for allegedly laundering proceeds from an online gaming and cyber-fraud network operated through All Panel Exchange (APX) and related entities.
What is Edsom Fintech and what role did it allegedly play?
Edsom Fintech Pvt Ltd is a Pune-based fintech company that provided pay-in and pay-out services through payment gateways such as Easebuzz, Cashfree, and PineLabs. According to the ED, the company's bank accounts were used to route and layer funds — reportedly amounting to hundreds of crores — linked to online gaming fraud, investment scams, digital arrest fraud, and crypto-related crimes.
What is All Panel Exchange (APX)?
All Panel Exchange (APX) is an online gaming and betting platform at the centre of the ED's investigation. According to the agency, it was used to defraud complainants of crores of rupees, with proceeds subsequently laundered through mule accounts and ultimately through Edsom Fintech's banking network.
How much money has been frozen in the case so far?
Approximately ₹60 lakh lying in various bank accounts has been frozen following ED searches at premises in Pune, Mumbai, and Bengaluru. The agency has indicated that funds worth hundreds of crores were routed through Edsom Fintech's accounts, and further investigation is ongoing.
What happens next in this case?
Ram U Ramdhani has been placed in judicial custody after an initial seven-day ED remand ordered by the Special Court (PMLA) in Mumbai. The ED has stated that further investigation is in progress, with the agency focused on tracing and dismantling the broader illicit financial network linked to the case.
