The Enforcement Directorate (ED) carried out search operations in Mumbai, Pune, and Bengaluru related to the online gaming and betting platform “All Panel Exchange.” Incriminating documents and digital devices were seized during the raids. The ED’s Mumbai Zonal Office, acting under the Prevention of Money Laundering Act (PMLA) 2002, froze multiple bank accounts associated with various entities and individuals involved in the case.
The investigation originated from a situation where a complainant was enticed through a WhatsApp message to participate in the gaming and betting platform “All Panel Exchange.” Following the receipt of login credentials, the complainant was encouraged to invest larger amounts after initial withdrawals to establish trust. However, subsequent withdrawal requests were denied, and the platform operators ceased communication.
According to the ED, funds collected from victims of the gaming and betting platforms were channeled into bank accounts held by Edsom Fintech Private Limited, a Pune-based entity. Hundreds of crores were received through various mule accounts and layering entities. The accounts of Edson Fintech Private Limited and its affiliates were connected to numerous cybercrime complaints nationwide, spanning online gaming fraud, investment fraud, share trading fraud, crypto fraud, and online task-based frauds.
During the investigation, it was uncovered that Bengaluru Police had filed an FIR against Edsom Fintech Private Limited and others for online gaming fraud amounting to Rs 5.3 crore. The probe revealed that illicit proceeds were systematically funneled through shell/associate entities, converted into virtual digital assets via crypto platforms, and eventually transferred to offshore entities or individuals. Dummy entities without actual business operations, managed by different individuals, were used for layering the proceeds of crime.
