Multi-State ED Raids Bust Massive Online Cricket Betting Scam Channelling Funds Through Gujarat Banks

Federal anti-money laundering investigators have cracked down on a sophisticated multi-state online cricket betting and cyber fraud syndicate that systematically exploited financial channels in Gujarat to siphon illegal proceeds to overseas handlers.

The Enforcement Directorate (ED) exposed the cross-border operation following extensive searches under the Prevention of Money Laundering Act (PMLA), uncovering how illegal gambling portals duped thousands of unsuspecting victims across India.

The Anatomy of the Betting Fraud

At the heart of the scam are illegal online betting portals, notably All Panel Exchange (allpanelexch.com) and MGM91. Posing as legitimate digital gaming platforms, these websites enticed users to deposit money for cricket betting before locking up their funds and defrauding them.

To move the illicit cash without triggering regulatory alarms, the syndicate relied on a custom-built payment gateway called iPaisa, developed and run by Edsom Fintech Pvt Ltd. The platform acted as a hidden financial bridge, connecting more than 200 dummy shell companies—labelled internally as "merchants"—through a network of carry-and-forward agents and channel partners.

Investigators identified three primary routes used by the syndicate to launder the illegal gains out of India:

• Inflated Import Invoices: Over-invoiced commercial import transactions designed to disguise outward remittances as genuine trade payments.
• APMC Cash Withdrawals: Direct cash withdrawals from mule accounts opened in the names of Agricultural Produce Market Committee (APMC) units.
• Crypto Conversion: Converting domestic proceeds into cryptocurrency before transferring them directly to foreign wallets.

How Gujarat Became Ground Zero for Financial Layering

Gujarat functioned as a vital hub for the syndicate's money-laundering mechanism. Regional operators leveraged local infrastructure to funnel, layer, and move victim deposits into the broader payment network.

Cooperative banks across the state were heavily exploited to set up networks of mule bank accounts. Local agents in Gujarat linked front businesses directly to the iPaisa intermediary, while field operators managed swift cash withdrawals through APMC-linked accounts to wipe out the paper trail before funds could be tracked.

Scale of the Multi-City ED Sweep

On 13 October 2026, the ED's Mumbai Zonal Office-II executed simultaneous raids across 20 locations. The coordinated crackdown targeted key premises in Surat and Mehsana, along with operational setups in Mumbai, Pune, and Hyderabad.

Search teams seized crucial digital evidence, electronic devices, and financial logs mapping out the layering network. The agency also issued strict freeze orders on dozens of bank accounts linked to shell merchants, regional agents, and dummy entities tied to the racket.

Is the Syndicate Kingpin Behind Bars?

The architect of the payment infrastructure, Sam U. Ramdhani—founder of Edsom Fintech Pvt Ltd and creator of the iPaisa gateway—has been arrested by federal agents. His arrest followed earlier ED search operations across Pune, Mumbai, and Bengaluru.

Ramdhani remains in judicial custody under PMLA provisions. While the chief architect of the financial pipeline is behind bars, ED investigators are actively tracking down local syndicate handlers operating across Gujarat, as well as the offshore kingpins directing operations from Dubai.