Syndicate Involved in Dabba Trading and Online Betting Earned Rs 404 Crore, According to ED

The Enforcement Directorate has reported that a syndicate engaged in illegal dabba trading and online betting earned Rs 404.46 crore. Investigations led to asset attachments worth Rs 34.26 crore.

The Enforcement Directorate (ED) has informed a special court in Indore about a syndicate's illegal activities. This group, involved in unauthorised dabba trading and online betting, amassed Rs 404.46 crore through illicit means. The ED shared these details in a release on Tuesday, highlighting the scale of operations across Indore, Mumbai, Ahmedabad, Chennai, and Dubai.

The investigation uncovered a sophisticated network using manipulated trading platforms and illegal betting websites. This ecosystem also involved cross-border money laundering mechanisms. Vishal Agnihotri has been identified as the main operator of this syndicate. The ED's probe has led to the filing of a prosecution complaint against those involved.

Illegal Trading and Betting Syndicate

The ED's investigation revealed that the syndicate generated Rs 404.46 crore from illegal activities. These funds were derived from manipulated trading platforms and unregulated white label applications. The agency filed a complaint on Monday with a special court handling Prevention of Money Laundering Act (PMLA) cases in Indore.

In addition to identifying the proceeds of crime, the ED provisionally attached assets worth Rs 34.26 crore. These assets include immovable properties valued at Rs 28.60 crore and movable assets worth Rs 3.83 crore. Bank account balances amounting to Rs 1.83 crore were also seized.

Seizures and Asset Attachments

During search operations, significant seizures were made by the ED. These included over Rs 5.21 crore in cash, 59.9 kilograms of silver bars, and a 100-gram gold bar. High-value luxury items such as jewellery worth approximately Rs 1.94 crore and luxury watches valued at Rs 4.77 crore were also secured.

The investigation further led to the freezing of cryptocurrency holdings exceeding Rs 0.41 crore. The ED's actions highlight the extensive nature of the syndicate's operations and their financial gains from illegal activities.

Key Individuals Charged

Besides Vishal Agnihotri, other individuals have been charged in connection with this case. These include Tarun Shrivastava, Srinivasan Ramasamy, Dhaval Devraj Jain, Dharmesh Rajnikant Trivedi, and Nidhi Chandnani. The charges reflect their involvement in the syndicate's illegal operations.

The ED's findings underscore the technological manipulation employed by the syndicate to facilitate their unlawful activities. This case highlights the challenges faced by authorities in tackling such sophisticated criminal networks operating across borders.

With inputs from PTI