ED raids 20 sites in online betting fraud linked to cooperative banks

It details the investigation into a large-scale online betting and cyber fraud syndicate linked to 'All Panel Exchange' and MGM91, which matters to citizens as it involves the recovery of funds from victims of financial fraud.

Who it concerns: The document concerns the Directorate of Enforcement (ED), the online gaming/betting platforms 'All Panel Exchange' (allpanelexch.com) and MGM91, the Pune-based entity Edsom Fintech Pvt Ltd. and its founder Ram U. Ramdhani, shell entities ('merchants'), 'Channel Partners/Carry & Forward Agents', mule account controllers, Dubai-based directors, and certain cooperative banks.

What the ED says it did

• ED conducted search operations at 20 premises in Mumbai, Pune, Mehsana, Surat, and Hyderabad on 13.10.2026.
• The investigation stems from predicate offences where complainants were induced to deposit funds into 'All Panel Exchange' and MGM91 and subsequently cheated.
• Funds from victims were routed to bank accounts of a Pune-based entity established by Ram U. Ramdhani.
• Edsom developed an in-house payment intermediary platform called 'iPaisa' and onboarded over 200 shell/front entities ('merchants') for fraud operators.
• Funds were routed through a network of mule bank accounts.
• A significant number of persons operating the platforms were directed by persons based in Dubai.
• Cooperative banks' infrastructure was used to collect and layer illicit proceeds.
• Proceeds of Crime were siphoned via three routes: remittances disguised as trade transactions (over-invoicing), cash withdrawals from mule accounts opened under the guise of APMC units, and conversion into cryptocurrency for transfer outside India.
• Incriminating documents, digital devices, and material evidence were recovered and seized.
• Multiple bank accounts of concerned entities and persons were ordered frozen under PMLA, 2002.
• Ram U. Ramdhani, founder of Edsom Fintech Pvt Ltd., was previously arrested and remains in Judicial Custody.

Also in the document

• The ED states that the syndicate was aided by certain cooperative banks whose infrastructure was used to layer illicit proceeds.
• The investigation established that operations were directed from Dubai.
• The ED mentions that further investigation is under progress.