ED Searches in Surat, Mehsana in Online Betting Fraud Case

Mumbai: The Enforcement Directorate (ED), Mumbai Zone-II, conducted search operations at 20 premises across Mumbai, Pune, Mehsana, Surat and Hyderabad on October 13, 2026, as part of a money laundering investigation into an alleged large-scale online betting, gaming and cyber fraud syndicate.

The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The investigation centres on the online betting and gaming platforms All Panel Exchange (allpanelexch.com) and MGM91, through which complainants were allegedly induced to deposit money and subsequently cheated.

According to the ED, its investigation established that funds collected from victims of both platforms were routed through multiple channels and ultimately received in bank accounts of a Pune-based entity established by Ram U. Ramdhani. His company, Edsom Fintech Pvt. Ltd., had developed and operated an in-house payment intermediary platform called iPaisa.

The platform allegedly onboarded more than 200 shell and front entities, internally referred to as “merchants”, on behalf of online gaming, betting and cyber fraud operators and their agents, described as “Channel Partners” or “Carry & Forward Agents”.