The Enforcement Directorate (ED) on October 13 conducted extensive inspections in five cities as part of a money laundering investigation into an alleged online betting and cyber fraud network. These operations were carried out under the Prevention of Money Laundering Act, 2002.
The inspections took place in Mumbai, Pune, Mehsana, Surat, and Hyderabad. The ED is probing activities linked to online betting platforms such as All Panel Exchange and MGM91.
During these operations, ED officials confiscated various documents and digital devices. They also froze numerous bank accounts associated with suspected individuals and entities.
The investigation commenced following two cases where victims were allegedly deceived into depositing money into online betting platforms. The ED has identified that funds related to these platforms were routed through bank accounts belonging to a Pune-based company.
This company developed and operated an in-house payment intermediary platform named iPaisa. Authorities suspect that fraudulent transactions were facilitated through this platform.