The Enforcement Directorate (ED) conducted search operations at 20 premises across Mumbai, Pune, Mehsana, Surat, and Hyderabad on 13 October 2026, targeting an online betting, gaming, and cyber fraud syndicate, officials confirmed on Saturday. The searches, carried out by the ED's Mumbai Zone-2 unit, resulted in the seizure of incriminating documents, digital devices, and material evidence linked to the layering and diversion of proceeds of crime.

What Was Seized and Frozen

During the searches, investigators recovered documentary and digital evidence pointing to the systematic routing of illicit funds. In addition, multiple bank accounts belonging to entities and individuals connected to the syndicate have been ordered frozen under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, according to an official statement.

This is not the first sweep in this case. The ED had previously conducted searches in Pune, Mumbai, and Bengaluru, and had arrested Ram U. Ramdhani, founder of Edsom Fintech Private Limited, who reportedly remains in judicial custody.

The Platforms at the Centre of the Probe

The investigation stems from two predicate offences involving online gaming and betting platforms — 'All Panel Exchange' (allpanelexch.com) and MGM91 — where complainants were allegedly induced to deposit funds and subsequently defrauded. According to the ED, funds collected from victims of both platforms were routed through financial channels and ultimately received in the bank accounts of a Pune-based entity established by Ramdhani.

Central to the operation was an in-house payment intermediary platform called 'iPaisa', developed and operated by Edsom. The ED said iPaisa onboarded more than 200 shell and front entities — referred to internally as 'merchants' — on behalf of online gaming, betting, and cyber fraud operators and their agents, described internally as 'Channel Partners/Carry and Forward Agents'.

How the Money Was Moved

The ED's investigation revealed a layered and elaborate money trail. Funds defrauded from victims were routed through a vast network of mule bank accounts, with the controllers of the platforms and associated shell entities identified. Notably, certain cooperative banks reportedly provided the infrastructure used to collect and further layer the illicit proceeds — a detail that could widen the scope of the probe.

According to the agency, proceeds of crime were siphoned out through three principal channels: remittances disguised as trade transactions through over-invoicing; cash withdrawals from mule accounts opened under the guise of APMC units; and the conversion of funds into cryptocurrency to move money outside India.

Dubai Links and Wider Network

The investigation has also established that a significant number of individuals involved in operating these platforms were reportedly being directed by Dubai-based persons, the ED said. This cross-border dimension adds a layer of complexity to the case and suggests the syndicate's operational control extended well beyond India's borders.

This crackdown is part of a broader pattern of ED enforcement actions targeting fintech-enabled fraud networks that have proliferated across Indian cities in recent years. With cryptocurrency siphoning and foreign direction now confirmed in the probe, further arrests and asset attachments are expected as the investigation progresses.