Online Betting Crackdown: ED Raids 11 Locations Across Maharashtra And Karnataka In 'All Panel Exchange' Money Laundering Probe

Mumbai, July 21, 2026: The Enforcement Directorate (ED) on Tuesday conducted searches at 11 premises across Maharashtra and Karnataka as part of a money laundering investigation linked to the online betting platform "All Panel Exchange", officials said.

The searches, carried out under the Prevention of Money Laundering Act (PMLA), covered three premises in Mumbai, six in Pune and two in Bengaluru. Those searched included alleged platform operators, payment gateway handlers, mule account providers, entities suspected of supplying bank accounts used to route betting money, technical developers and others believed to have facilitated the betting network. Investigators are also examining the role of fintech firms and shell companies suspected of helping layer and conceal the alleged proceeds of crime.

Sources said the searches led to the seizure of financial records, banking documents, digital devices and other material that investigators believe will help reconstruct the money trail, identify the alleged beneficiaries and trace the flow of funds through mule accounts, shell entities and layered banking transactions.

Probe Linked To Two FIRs

The PMLA investigation stems from two FIRs registered by the Maharashtra and Karnataka police. The first, lodged by the Jalgaon Cyber Police in January 2025, pertains to the alleged operation of the online betting platform "All Panel Exchange" through the website allpanelexch.com. The second FIR, registered by the HSR Layout Police in Bengaluru in February 2026, relates to similar allegations.

According to the ED, the investigation found that unsuspecting users were induced to deposit money on the platform, following which the funds were routed through a network of mule bank accounts before being layered across multiple financial channels to disguise their origin and conceal the identities of the ultimate beneficiaries. The agency alleged that the funds were then transferred through multiple bank accounts before being withdrawn or moved further to obscure the money trail and conceal the identities of those controlling the operation.

Franchise-Based Betting Ecosystem

According to the ED's findings, "All Panel Exchange" functioned as a franchise-based "white-label" betting ecosystem rather than a single centrally operated platform. The agency alleged that while the core betting infrastructure and technical backend were hosted overseas, branded versions of the platform were leased to local operators under profit-sharing arrangements through a hierarchy of "master", "super master" and agent-level operators.

Under this arrangement, the ED alleged, the overseas operators controlled the core platform and maintained the main technical infrastructure and web servers outside India, while master and super master panel holders distributed betting IDs through multiple layers of agents. These agents managed customer accounts, collected deposits, extended betting credit and settled payouts. According to the agency, the multi-layered structure enabled the network to expand rapidly across several states while distancing the alleged kingpins from the day-to-day handling of betting transactions and the movement of funds.

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Evidence Under Examination

Officials said the material seized during Tuesday's searches will now be examined to identify the ultimate beneficiaries, establish the role of each person and entity under investigation, and further trace the movement of funds.

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