ALL PANEL EXCHANGE Probe: ED Alleges Pune Fintech At Centre Of ₹800-Crore Money Trail Routed Through Shell Firms And Crypto

Mumbai, July 25, 2026: The Enforcement Directorate's (ED) investigation into an alleged online betting and investment fraud syndicate has found that Pune-based fintech firm Edsom Fintech Pvt. Ltd. played a central role in laundering hundreds of crores in proceeds of crime generated through the "ALL PANEL EXCHANGE" platform by routing funds through shell entities, converting them into cryptocurrency, and transferring them to offshore entities. The probe has also uncovered an alleged Rs 800-crore money trail routed through the bank account of a credit cooperative society, which the agency said was directly linked to proceeds generated from illegal online betting and gaming scams.

Searches Conducted Across Cities

The findings emerged after the ED recently conducted searches at multiple locations in Mumbai, Pune, and Bengaluru under the Prevention of Money Laundering Act (PMLA). During the raids, the agency seized incriminating documents, digital devices, and other material evidence, besides freezing several bank accounts linked to entities and individuals under investigation.

The money laundering investigation stems from an FIR registered by the Jalgaon Police over the operations of the "ALL PANEL EXCHANGE" platform. According to the ED, unsuspecting users were contacted through WhatsApp and induced to register on the platform. They were initially allowed to make small withdrawals to build confidence before being persuaded to invest larger sums. Once higher amounts were deposited, withdrawal requests were allegedly blocked and the platform operators became untraceable.

Funds Routed Through Shell Entities

The agency alleged that funds collected from victims were first routed through multiple mule accounts before being channelled into bank accounts maintained by Edsom Fintech Pvt. Ltd., which allegedly received hundreds of crores. The investigation found that the fintech firm's accounts, along with those of its associated entities, were linked to numerous cybercrime complaints registered across the country involving online gaming, investment scams, share trading fraud, cryptocurrency fraud, and task-based scams.

The investigation also revealed that Edsom Fintech Pvt. Ltd. figures in an FIR registered by the Bengaluru Police in an online gaming fraud case in which a complainant was allegedly cheated of Rs 5.30 crore.

According to the ED, the proceeds of crime were layered through a network of shell and associate entities before being converted into virtual digital assets on cryptocurrency platforms and transferred to offshore entities. Many of the entities used in the transactions were allegedly paper companies with dummy directors, while some were found to be non-existent at their registered addresses.

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Rs 800-Crore Money Trail Alleged

The ED further alleged that fabricated KYC documents of a credit cooperative society were used to open a wallet on a cryptocurrency exchange platform, through which nearly Rs 800 crore was routed. A substantial portion of these funds was allegedly linked to proceeds of crime generated through illegal online betting and gaming platforms.

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