Mumbai: The Enforcement Directorate (ED) has uncovered a major illegal trading and betting racket following raids at four locations in Mumbai, leading to the seizure of Rs 3.3 crore in unaccounted cash, luxury watches, jewellery, foreign currency and high-end vehicles.
The investigation stems from an FIR registered on January 9, 2025 at Lasudiya Police Station in Indore, invoking Sections 319(2) and 318(4) of the Bhartiya Nyaya Sanhita, earlier Sections 419 and 420 of the Indian Penal Code. The ED has now taken up the case under the Prevention of Money Laundering Act (PMLA), 2002.
High-end Cars seized during raid |
Digital Trading & Betting Platforms Under Scrutiny
The agencies are probing several digital trading and betting platforms, including VMoney, VM Trading, Standard Trades Ltd, IBull Capital, LotusBook, 11Starss and GameBetLeague. These platforms were allegedly used for illegal dabba trading and online betting operations, using white-label apps where ADMIN rights were transferred based on profit-sharing agreements.
The ED has identified hawala operators and fund handlers linked to the network. One of the key accused, Vishal Agnihotri, reportedly owned VMoney and the betting site 11Starss. He initially acquired administrative control of the LotusBook platform on a 5 perc ent profit-sharing basis and later transferred these rights to Dhaval Devraj Jain, while retaining a 0.125 per cent share.
Luxury watches seized by ED officials |
Dhaval Jain, with his associate John States alias Pandey, is said to have created a custom white-label betting platform which was then used by Agnihotri to operate 11Starss.in. Another accused, Mayur Padya alias Padya, allegedly acted as a hawala operator, handling large volumes of cash transfers and payments for the betting syndicate.
