Online Betting Fraud Probe: ED Searches Locations in Pune, Mumbai and Bengaluru

Pune, 29th July 2026: The Enforcement Directorate (ED) has conducted searches at multiple locations in Mumbai, Pune and Bengaluru as part of a money laundering investigation into an alleged online betting, gaming and investment fraud racket operated through the All Panel Exchange platform.

The investigation stems from a complaint filed by a Jalgaon resident who was allegedly lured into investing through a WhatsApp message. According to the ED, the complainant was promised attractive returns and was initially allowed to withdraw a small amount to gain confidence in the platform.

However, after the complainant made larger investments, withdrawal requests were allegedly denied. The operators and directors of the platform subsequently stopped responding, leaving the complainant unable to recover the invested money, the agency said.

During the investigation, the ED found that funds allegedly collected from victims were routed through bank accounts of Pune-based Adsum Fintech Private Limited. According to the agency, the money was transferred through multiple bank accounts and subsequently diverted to several companies in an attempt to conceal its origin.

The ED said bank accounts linked to Adsum Fintech had surfaced in several cyber fraud cases reported from different parts of the country, including alleged online gaming scams, fake investment schemes, fraudulent share trading, cryptocurrency fraud and task-based scams.
The agency also identified another case registered in Bengaluru in which a complainant was allegedly cheated of ₹5.30 crore by Adsum Fintech and its associates.

According to the ED, the alleged proceeds of crime were layered through a network of shell and related companies before being converted into virtual digital assets (VDAs), including cryptocurrency, through crypto platforms.

The funds were subsequently allegedly transferred to individuals and entities based outside India, the agency said.

The searches were conducted under provisions of the Prevention of Money Laundering Act (PMLA).

The ED said further investigation is underway to trace the complete money trail, identify additional beneficiaries and establish the roles of all entities and individuals allegedly involved in the fraud.