The Enforcement Directorate (ED) on Saturday said that it conducted searches at 20 premises across five cities on October 13 as part of a money laundering investigation into an alleged online betting and cyber fraud network linked to the platforms All Panel Exchange and MGM91.
The searches were carried out under the Prevention of Money Laundering Act (PMLA), 2002, in Mumbai, Pune, Mehsana, Surat and Hyderabad.
The agency seized documents and digital devices and froze multiple bank accounts linked to suspected entities and individuals, according to the information provided by the ED.
Payment platform under scanner
The investigation began after two cases in which victims were allegedly persuaded to deposit money into online betting platforms and were subsequently cheated.
According to the ED, proceeds linked to the platforms were routed through bank accounts held by a Pune-based company.
It developed and operated an in-house payment intermediary platform called iPaisa.
The ED alleges that iPaisa was used to onboard more than 200 shell and front companies, described internally as merchants. These entities allegedly facilitated transactions for online gaming operators, betting networks and their agents, referred to as Channel Partners or Carry and Forward Agents, an official statement said.
The suspect was previously arrested by the agency and remains in judicial custody, according to the information provided.
ED, Mumbai has conducted search operations on 13.10.2026 under PMLA, 2002 at 20 premises across Mumbai, Pune, Mehsana, Surat, and Hyderabad over a massive online betting and cyber fraud syndicate linked to "All Panel Exchange" (https://t.co/tOVy3nu8tz) and MGM91. Probing the PMLA case the ED uncovered that a Pune entity run by Ram U. Ramdhani routed victim funds through an in-house payment gateway called "iPaisa," deploying over 200 shell entities for illegal gaming and fraud operators.
— ED (@dir_ed) October 17, 2026
Dubai links and alleged money laundering routes
Investigators found that individuals based in Dubai were allegedly directing the online betting and gaming platforms.
The probe also identified a network of mule bank accounts and the alleged use of certain cooperative banks to collect and move the suspected proceeds of crime.
The ED has identified three alleged methods used to transfer funds out of India, an officiaal statement said.
These include remittances disguised as legitimate trade payments through inflated invoices, cash withdrawals from mule accounts opened in the names of Agricultural Produce Market Committee (APMC) units, and the conversion of funds into cryptocurrency before they were moved offshore.
Documents seized, bank accounts frozen
During the searches across the five cities, ED officials seized documents, digital devices and other material that the agency believes could provide evidence of the movement and diversion of suspected proceeds of crime.
Multiple bank accounts linked to suspected entities and individuals have also been frozen under the provisions of the PMLA.
The investigation into the alleged financial network and the movement of funds remains underway.
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