ED Arrests Suspect in Online Gaming and Betting Scam in Mumbai

Mumbai, October 31 (Daily Kiran) : The Enforcement Directorate (ED) has arrested Sagar Dash in Mumbai on October 27, 2026, in connection with an online gaming and betting scam. This action was taken under the Prevention of Money Laundering Act (PMLA) of 2002. A special PMLA court in Mumbai has ordered him to be held in ED custody for three days.

The investigation revolves around a scam involving online gaming and betting conducted through the All Panel Exchange, linked to cyber fraud. The ED’s inquiry was initiated based on three FIRs, which reported that victims had been defrauded of millions through online gaming and betting schemes.

Evidence revealed that the fraud’s proceeds were funneled through numerous fake accounts at the Jubilee Hills Mercantile Cooperative Bank in Hyderabad, eventually transferred to various shell companies. Further investigation indicated that significant sums were sent to a nodal account at the Nagarbhavi Credit Cooperative Society in Bengaluru, maintained for a company called Armstrong Exchange Private Limited, established by Dash.

Additionally, the inquiry uncovered that Dash opened a crypto account using forged documents and KYC details from the Nagarbhavi Credit Cooperative Society. He allegedly laundered hundreds of crores through this account, with substantial amounts traced back to illegal gaming and betting platforms that exploited unsuspecting individuals.

Prior to Dash’s arrest, the ED conducted raids in Pune, Mumbai, Bengaluru, Hyderabad, Surat, and Mehsana (Gujarat), seizing incriminating documents and freezing approximately ₹9 crore across several bank accounts. Ram U. Ramdhani, CEO of Edsom Fintech Private Limited, was also taken into custody during these operations.

The ED has reiterated its commitment to dismantling illegal financial networks and strictly enforcing the PMLA, with further investigations ongoing.