Did the ED seize Rs 34 crore in assets linked to illegal stock trading?
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Synopsis
In a significant crackdown on illegal stock trading, the ED has seized assets worth Rs 34.26 crore linked to a network of illegal online betting operations. This article delves into the details of the ongoing investigation and its implications.
Key Takeaways
- ED's Action: Assets worth Rs 34.26 crore provisionally attached.
- Illegal Operations: Involves multiple platforms and entities linked to Dabba trading.
- Legal Framework: Case falls under Prevention of Money Laundering Act.
- Previous Seizures: Including Rs 24.13 crore in cash and valuable assets.
- Continued Investigations: Ongoing efforts to trace and recover illegal funds.
New Delhi, Sep 9 (NationPress) The Enforcement Directorate (ED) has provisionally attached both movable and immovable assets amounting to Rs 34.26 crore in connection with an illegal online betting and Dabba Trading case associated with Indore.
Dabba trading signifies unlawful stock trading conducted outside recognized exchanges like the National Stock Exchange or the Bombay Stock Exchange.
The Directorate of Enforcement (ED), Headquarters Investigation Unit, Delhi, has attached properties owned by Vishal Agnihotri, Tarun Shrivastava, Hitesh Agrawal, Dharmesh Rajnikant Trivedi, Srinivasan Ramasamy, Karan Solanki, Dhaval Devraj Jain, and their relatives under the Prevention of Money Laundering Act (PMLA), 2002, as stated by an official from the federal agency.
This recent attachment of assets is in addition to the Proceeds of Crime (PoC) amounting to Rs 24.13 crore, which includes cash, luxury watches, and gold/diamond jewellery seized by the ED in earlier actions.
The ED commenced its investigation following an FIR lodged at the Lasudia Police Station, Indore (Madhya Pradesh) under various sections of the Bharatiya Nyaya Sanhita, 2023.
As per the agency's findings, the individuals mentioned have been managing various entities and platforms such as V Money/VM Trading (M/s Standard Trades Limited), 11Starss, Lotusbook247, eight Stock Heights, Goldmine, Vertex, Gamebetleague, iBull Capital Ltd, Playbook, TargetFX, World777, among others, which are implicated in illegal dabba trading and online betting activities.
Funds sourced from investors and participants were funneled through mule bank accounts, hawala channels, and cryptocurrency transactions.
Search operations executed in December 2024, June, and July 2025 across Indore, Bhopal, Mumbai, Chennai, and Ahmedabad resulted in the recovery of extensive incriminating documents, digital devices, cash, silver, gold, and cryptocurrency, the ED confirmed.
Statements recorded under Section 50 of PMLA demonstrated the flow of funds and their usage in acquiring properties in the names of promoters, family members, and related entities.
Moreover, assets worth Rs 24.13 crore in the form of cash, luxury watches, gold/diamond jewellery, bank accounts, and demat account holdings have already been seized or frozen in this case. Thus, the total PoC attached/seized in this matter stands at Rs 58.39 crore.
Point of View
I believe this case illustrates the critical need for stringent laws and enforcement in the realm of financial crimes. The ED's actions serve as a vital reminder of the ongoing efforts to uphold integrity in financial markets across our nation.
NationPress
09/09/2025
Frequently Asked Questions
What is Dabba Trading?
Dabba Trading refers to illegal stock trading that occurs outside recognized stock exchanges such as the National Stock Exchange and the Bombay Stock Exchange.
Who is involved in this case?
Individuals like Vishal Agnihotri, Tarun Shrivastava, and others, along with their family members, are implicated in the illegal activities.
What is the total value of assets seized?
The ED has attached assets valued at Rs 34.26 crore, in addition to previously seized assets worth Rs 24.13 crore, amounting to a total of Rs 58.39 crore.
What actions have been taken by the ED?
The ED has provisionally attached properties under the Prevention of Money Laundering Act and has conducted extensive investigations and searches across multiple cities.
How do these illegal operations affect investors?
Such illegal operations undermine the integrity of financial markets, posing risks to investors and the economy.
