India Raids 20 Locations in Online Betting and Money Laundering Probe

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Altay Celikkaya

Content Manager

Updated: 19/10/26

Reading Time: 2 minutes

India’s Enforcement Directorate (ED) has searched 20 premises across five cities as part of an investigation into suspected money laundering linked to online betting platforms All Panel Exchange and MGM91.

The searches took place on 13 October in Mumbai, Pune, Mehsana, Surat and Hyderabad. In its official announcement on 17 October, the agency said investigators were examining how alleged fraud proceeds passed through payment companies, intermediary accounts and cryptocurrency channels. The operation follows earlier arrests and searches in the same case.

India map and ED emblem illustrate an investigation into online betting and money laundering.

Regulation & Compliance

Key Takeaways From India's Online Betting Raids

ED searched 20 premises across five Indian cities on 13 October.
Investigators linked the case to online betting platforms All Panel Exchange and MGM91.
More than 200 alleged shell or front entities were reportedly connected to the iPaisa payment network.
Authorities seized documents and digital devices and froze bank accounts as the investigation continued.

How the Alleged Payment Network Operated

The case began with complaints that users were persuaded to deposit money through betting platforms and were later defrauded. ED investigators are tracing the movement of those funds under the Prevention of Money Laundering Act, 2002. According to the agency, Pune-based Edsom Fintech operated iPaisa, a payment intermediary allegedly used to onboard more than 200 front entities presented as merchants.

Investigators suspect the network channelled deposits through mule accounts and intermediaries acting for betting operators. Some people involved in operating the platforms were allegedly directed from Dubai. Certain cooperative banks are also under investigation over suspected assistance in collecting and layering funds.

Cryptocurrency Transfers and Bank Accounts Under Scrutiny

The ED is examining several suspected methods of moving money out of India, including trade remittances disguised through over-invoicing, cash withdrawals from mule accounts and conversion into cryptocurrency.

Its earlier official statement, published on 6 October, detailed the arrest of Edsom Fintech founder Ram U Ramdhani on 28 September.

The agency said:

Funds to the tune of hundreds of crores were routed and layered through bank accounts of Edsom Fintech Pvt. Ltd.

Investigators recovered documents and electronic devices during the latest raids and froze multiple accounts.

These are investigative measures, not findings of criminal guilt.

What the Investigation Means for iGaming Payments

The case places payment intermediaries, merchant onboarding and cross-border fund flows under renewed scrutiny. For businesses serving gambling operators, it illustrates why customer verification and transaction monitoring matter beyond the betting platform itself.

India introduced tighter restrictions through its 2026 online real-money gaming framework, while its Supreme Court challenge to the nationwide ban remains under consideration.

Separately, an earlier survey of offshore betting activity raised questions about how restrictions affect where players place wagers.

The investigation also highlights the risks of inadequate merchant verification and funds moving through multiple intermediaries. The ED has not announced an outcome in the October investigation. Further findings could clarify the alleged roles of payment providers, financial institutions and overseas controllers.