Enforcement Directorate files prosecution complaint under PMLA in illegal dabba trading

Mumbai: In a major swoop the Enforcement Directorate (ED) has taken action against a crime syndicate engaged in extensive illegal dabba-trading and online betting activities operating across Indore, Mumbai, Ahmedabad, Chennai and Dubai.

The ED filed a prosecution complaint (PC) on December 22, 2025, before the Special Court in Indore dedicated to cases under Prevention of Money Laundering Act (PMLA).

ED initiated investigation on the basis of FIR registered by Indore Police for offences under various Sections 319(2) and 318(4) of the Bhartiya Nyaya Sanita, 2023 corresponding to Sections 419 and 420 of the IPC, 1860.

Further investigation revealed that an FIR No. 0136/2021, relating to an illegal online betting racket involving persons associated/connected with FIR No. 041/2025, was registered at N M Joshi Marg Police Station in Mumbai, under IPC sections 419, 420, 465, 468, 471, the Maharashtra Gambling Prohibition Act, and Sections 66(C) and 66(D) of the Information Technology Act.

The authorities have filed a charge sheet vis-a-vis the case filed by police in Indore and Mumbai.

The ED investigation has revealed the existence of a technologically manipulated ecosystem involving rigged trading platforms, unlawful betting websites and a cross-border laundering mechanism.

Vishal Agnihotri has been identified as the principal operator, assisted by Tarun Shrivastava who handled the day-to-day financial operations and mule accounts, and Srinivasan Ramasamy who configured manipulated MTS servers designed to generate false trading outcomes.

Further, In the parallel betting network Dhaval Devraj Jain operated the underground platform LotusBook247, while Dharmesh Rajnikant Trivedi managed the offshore entity iBull Capital, and Nidhi Chandnani facilitated the movement and layering of funds through Dubai based structures.

The probe confirmed that clients were shown simulated trades on platforms such as V Money and 8Stock Height without any linkage to recognised stock exchanges, while betting platforms like LotusBook247 and 11Starss operated clandestinely using anonymous accounts, encrypted communication and cash-based settlements.

The investigation has identified proceeds of crime amounting to Rs 404.46 crore derived from manipulated trading platforms, illegal betting websites and unregulated white label applications.

In addition to this quantification, the investigation led to the provisional attachment of assets worth Rs 34.26 crore under PAO No. 24 of 2025, comprising immovable properties worth Rs 28.60 crore, movable assets valued at Rs 3.83 crore, and balances of Rs 1.83 crore in bank or demat accounts.

Major seizures affected during search proceedings included more than Rs 5.21 crore in cash, 59.9 kilograms of silver bars and a 100-gram gold bar.

The ED also secured high value luxury items including jewellery worth approximately Rs 1.94 crore and luxury watches valued at Rs 4.77 crore, along with frozen cryptocurrency holdings exceeding Rs 0.41 crore. These properties represent the material proceeds generated and possessed by members of the syndicate through their unlawful activities.