The Enforcement Directorate (ED) conducted searches at 11 premises across Maharashtra and Karnataka on Tuesday in connection with a money laundering investigation. The probe is linked to the alleged ‘All Panel Exchange’ online betting platform, according to the Free Press Journal.
What Happened
On Tuesday, the Enforcement Directorate executed searches at 11 locations across the Indian states of Maharashtra and Karnataka, targeting individuals and entities connected to an alleged online betting platform named ‘All Panel Exchange’. These operations were conducted under the Prevention of Money Laundering Act (PMLA) as part of an ongoing investigation into money laundering activities, as reported by the Free Press Journal.
The targeted premises included three in Mumbai, six in Pune, and two in Bengaluru. Individuals and entities subjected to these searches reportedly included alleged platform operators, providers of payment gateways and mule accounts, technical developers, and others suspected of facilitating the betting network. The ED is also examining the involvement of fintech firms and shell companies that allegedly aided in the layering and concealment of illicit proceeds, according to the Free Press Journal.
Key Details
- Financial records, banking documents, and digital devices were seized during the searches, as reported by the Free Press Journal.
- The PMLA investigation stems from two First Information Reports (FIRs): one filed by Jalgaon Cyber Police in January 2025 regarding ‘All Panel Exchange’ (allpanelexch.com), and another by HSR Layout Police in Bengaluru in February 2026 for similar allegations, according to the Free Press Journal.
- The ED’s findings indicate that ‘All Panel Exchange’ operated as a franchise-based ‘white-label’ betting ecosystem with core infrastructure reportedly hosted overseas, as stated by the Free Press Journal.
- Allegedly, funds deposited by users were routed through mule bank accounts and layered across multiple financial channels to obscure their origin and the identities of beneficiaries, the Free Press Journal reported.
- The network reportedly involved a hierarchy of ‘master’, ‘super master’, and agent-level operators responsible for distributing betting IDs, managing customer accounts, and settling payouts, according to the Free Press Journal.
Why It Matters
This enforcement action highlights regulatory scrutiny on alleged illicit online betting operations and their associated financial networks within regulated markets. The investigation’s focus on mule accounts, shell entities, and layered transactions underscores the complex methods reportedly employed to obscure the flow of funds and the identities of ultimate beneficiaries, as detailed by the Free Press Journal. The alleged ‘franchise-based’ or ‘white-label’ model described by the ED suggests an operational structure designed to decentralize risk and expand reach while potentially distancing core operators from direct handling of transactions, according to the Free Press Journal. This operational model presents challenges for regulatory bodies tasked with identifying and prosecuting illegal financing activities within the digital betting landscape.
What’s Next
Officials stated that the material confiscated during the searches will be analyzed to identify the ultimate beneficiaries, determine the specific roles of each investigated person and entity, and further trace the movement of funds, according to the Free Press Journal.
Originally reported by Free Press JournalPublished
Sources & References
Primary source
- Free Press Journalfreepressjournal.in