ED searches 20 sites in betting and cyber fraud probe linked to All Panel Exchange
The ED searched 20 premises in five cities on 13 October 2026, alleging that money from victims of the All Panel Exchange and MGM91 betting platforms was routed through over 200 shell entities.
The Enforcement Directorate (ED) searched 20 premises in Mumbai, Pune, Mehsana, Surat and Hyderabad on 13 October 2026 under the Prevention of Money Laundering Act (PMLA), 2002. The searches relate to what the ED describes as a large online betting, gaming and cyber fraud syndicate linked to the platforms "All Panel Exchange" (allpanelexch.com) and MGM91. The agency said multiple bank accounts were ordered frozen.
What Happened
The ED said its probe stems from two police cases in which, according to the complaints, people were induced to deposit money on the two platforms and then cheated.
According to the ED, money collected from victims of both platforms ended up in bank accounts of a Pune-based entity, Edsom Fintech Pvt Ltd. The ED alleges that Edsom built and ran an in-house payment platform called "iPaisa", through which it onboarded more than 200 shell or front entities, called "merchants" internally, on behalf of gaming, betting and cyber fraud operators and their agents.
The ED said victims' funds moved through a large network of mule bank accounts, which are accounts used to pass on money for others. It alleges that many people running the platforms were directed by Dubai-based persons, and that the infrastructure of certain co-operative banks was used to collect and layer the money. According to the ED, the proceeds were moved out in three main ways: remittances disguised as trade through over-invoicing, cash withdrawals from mule accounts opened in the guise of APMC units, and conversion into cryptocurrency to move funds out of India.
The ED had earlier searched premises in Pune, Mumbai and Bengaluru and arrested the founder of Edsom Fintech, who remains in judicial custody.
These are allegations, not findings of guilt; the accused are presumed innocent until proven guilty in court, and due process continues. Further investigation is under way, the agency said.
What It Means
As the ED describes the case, money that people deposited on online betting and gaming sites passed through payment intermediaries, mule accounts and bank infrastructure before being moved out of the country.
People who believe they were cheated on an online betting or gaming platform can report it at https://cybercrime.gov.in or on helpline 1930.
This report describes enforcement actions and allegations on the public record, attributed to the officials cited. An order, FIR or chargesheet is not a conviction; parties are presumed innocent until proven guilty.
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Sources & Citations
- Enforcement Directorate press release — Enforcement Directorate