The Enforcement Directorate (ED) has once again cracked down on an online betting, gaming and cyber fraud syndicate. It conducted simultaneous raids in 20 areas in the cities of Hyderabad, Mumbai, Pune, Mehsana and Surat. ED officials said in a statement on Saturday that key information related to money laundering was found in these searches.

The ED revealed that key documents, digital devices and other evidence were seized in these searches conducted on October 13. Under the Prevention of Money Laundering Act (PMLA), it has been stated that the bank accounts of several entities and individuals associated with this case have been frozen. The ED has taken up

this investigation in the wake of allegations that they defrauded people by making them deposit money through online gaming and betting platforms called "All Panel Exchange" and "MGM91". As part of this case, the officers who had previously conducted searches in Pune, Mumbai and Bengaluru cities arrested Ram U Ramdhani, founder of Edsom Fintech Private Limited. He is currently in judicial custody.

The investigation revealed that the funds collected from the victims were diverted into the bank accounts of a Pune-based company belonging to Ramdhani. The ED has found that Ramdhani's company created a special payment platform called "iPaisa" and through it set up more than 200 shell companies for online betting operators and conducted transactions through them. The

investigation revealed that the activities of this betting syndicate were being carried out from Dubai. The ED suspects that some cooperative banks also cooperated in these illegal transactions and diversion of funds. It was found that the money earned through online betting crossed the country through three routes. The ED investigation revealed that through over-invoicing under the guise of commercial transactions, cash was withdrawn from mule accounts opened in the name of APMC units, and finally converted into cryptocurrency and moved abroad.