ED Searches Multiple Locations Linked to Online Betting Platform

The Enforcement Directorate (ED) conducted search operations in Mumbai, Pune, and Bengaluru on July 25, 2026, targeting an online gaming and betting platform, “All Panel Exchange.” These operations were carried out under the Prevention of Money Laundering Act (PMLA), 2002.

What Happened

The Enforcement Directorate (ED) initiated search operations on July 25, 2026, across multiple locations in Mumbai, Pune, and Bengaluru, as reported by Lokmat Times. These searches were conducted in connection with an online gaming and betting platform identified as “All Panel Exchange.” According to an official statement, the operations were executed under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

During these operations, the ED’s Mumbai Zonal Office reportedly seized incriminating documents and digital devices. Various bank accounts associated with multiple entities and individuals involved in the case were also frozen, a central probe agency official stated. The investigation was initiated following a complaint where an individual was allegedly lured into the gaming/betting platform via a WhatsApp message, leading to an FIR being registered by the Jalgaon Police.

The complainant reportedly received initial withdrawals to build trust, then was induced to invest larger sums. Subsequent withdrawal requests were denied, and the operators became unresponsive, the ED stated. Investigation under PMLA revealed that funds collected from victims were routed into bank accounts maintained by Edsom Fintech Private Limited, a Pune-based entity, which reportedly received hundreds of crores through various mule accounts and layering entities.

Key Details

• The Enforcement Directorate (ED) conducted searches under the Prevention of Money Laundering Act (PMLA), 2002, according to Lokmat Times.
• Search operations occurred in Mumbai, Pune, and Bengaluru on July 25, 2026, targeting an online gaming and betting platform named “All Panel Exchange,” as reported by the ED.
• Incriminating documents and digital devices were seized, and various bank accounts related to multiple entities/persons were frozen during the searches, an official statement said.
• Funds collected from victims were reportedly routed into accounts of Edsom Fintech Private Limited, a Pune-based entity, which received hundreds of crores via mule and layering accounts, the ED stated.
• The accounts of Edsom Fintech Private Limited were linked to numerous cybercrime complaints nationwide, involving online gaming, investment, share trading, crypto, and online task-based frauds, according to the central probe agency.
• An FIR was reportedly registered against Edsom Fintech Private Limited by Bengaluru Police for online gaming fraud, where a complainant was cheated of Rs 5.3 crore.
• Part of the proceeds of crime were systematically layered through shell/associate entities, converted into virtual digital assets via crypto platforms, and ultimately moved to offshore entities/persons, the ED reported.
• A Credit Cooperative Society’s KYC and fabricated documents were reportedly used to open an account/wallet on a crypto exchange platform, through which an individual routed Rs 800 crore, with a substantial amount linked to proceeds of crime from illegal gaming/betting platforms, the central probe agency said.

Why It Matters

This enforcement action by the ED highlights the ongoing regulatory focus on activities within the online gaming and betting sector in India, particularly concerning financial illicit activities. The alleged use of shell entities, mule accounts, and crypto platforms for money laundering underscores the complex challenges in tracing and recovering illicit funds, as detailed by the central probe agency. The involvement of seemingly legitimate financial structures, such as a Credit Cooperative Society, further illustrates the intricate methods employed to obscure the origins of proceeds of crime, impacting financial transparency and consumer protection across regulated markets.

What’s Next

The ED’s investigation under the PMLA is ongoing, reportedly focusing on the layering of proceeds of crime through various entities and their ultimate movement to offshore entities or persons, according to the central probe agency.

Originally reported by Lokmat Times·Published 25 Jul 2026, 15:27