Latest news with #VishalAgnihotri
Indian Express
13 hours ago
- Business
- Indian Express
ED conducts multi-city raid; Rs 3.3 crore, luxury watches, high-end cars seized
Enforcement Directorate (ED) Tuesday conducted searches in Mumbai, Delhi, Indore and Ahmedabad in connection with its money laundering case linked to a criminal case in dabba trading and online betting. Dabba trading is an unregulated and illegal form of securities trading. During the operation, agency officials raided four places in Mumbai and seized unaccounted cash of Rs 3.3 crore, as well as luxury watches, jewellery, foreign currency, and luxury vehicles. Agency sleuths also seized cash counting machines. Sources said that during investigations, some applications like VMoney, VM Trading, Standard Trades Ltd, IBull Capital, LotusBook, 11Starss and GameBetLeague, were being probed for suspected dabba trading. Agency sources said that the online betting platforms operated through white-label apps and administrator rights that were exchanged on a profit-sharing basis. The probe agency has identified the hawala operators and fund handlers and were examining digital and financial records. ED initiated a money laundering investigation based on the case filed by Indore's Lasudiya Police Station early this year under sections 319(2) and 318(4) of Bhartiya Nyaya Sanhita. The ED was examining financial and operational activities of entities involved in illegal trading and betting platforms. Explaining their modus operandi, agency sources said that one Vishal Agnihotri, the beneficial owner of VMoney and 11Starss, acquired administrator rights of LotusBook betting platform on a 5% profit-sharing arrangement. He subsequently transferred these rights to Dhaval Devraj Jain, retaining 0.125% profit while Jain held 4.875%. Dhaval Jain, along with his associate John States alias Pandey, developed a white-label betting platform and supplied it to Vishal Agnihotri to operate Mayur Padya alias Padya, a hawala operator, handled cash-based fund transfers and payments for the betting operations, the agency source added.
News18
a day ago
- Business
- News18
ED Raids In Mumbai: What Is Dabba Trading? How ‘Black Market Version Of Dalal Street' Operates?
Last Updated: ED raids in Mumbai in dabba trading, online betting case: Agency has seized Rs 3.3 crore cash, jewellery, imported cars, including a Mercedes, and a box full of luxury watches Mumbai's infamous money maze just got real. The Enforcement Directorate (ED) conducted searches at four locations across the city in connection with a major 'dabba trading' and online betting case. According to ED sources, it has already seized Rs 3.3 crore in cash, foreign currency, cash counting machines, jewellery, imported cars, including a Mercedes, and a box full of luxury watches. The searches started like any other quiet crackdown. However, behind the locked doors and encrypted servers, the ED unearthed a scandal straight out of a Bollywood thriller that is replete with flashy watches, high-end luxury cars, unaccounted cash, dark digital underworlds, and profit-sharing pacts carved out in percentages. The investigation uncovered a web of illegal dabba trading and online betting rackets operating from Mumbai, that is wired into wallets nationwide. What is dabba trading? In street speak or it is locally known, dabba trading is similar to stock market gambling minus the stock market. It is an informal way of trading, which is illegal and often turns out to be scams. There is official exchange, no regulator. It is just a parallel market where traders place bets on stock price movements, but without buying or selling a single share on record. Senior officers explain it as the black market version of Dalal Street. It is tax-free dealing with colossal risk and no existing digital footprint. This is seen as a dark digital world that has admins, not dons. Modus operandi: Click, bet, launder, repeat The ED's probe, initiated following a first information report (FIR) in Indore, revealed how tech replaced turf wars. Vishal Agnihotri, a digital kingpin, acquired 'ADMIN rights" of LotusBook—a betting platform—under a profit-sharing deal with almost a 5% cut. Stepping forward, the deals got murkier as he passed the reins to Dhaval Devraj Jain, handing over 4.875% while holding on to a neat 0.125% for himself. By doing this, he avoided being at the frontline. Together with John States alias Pandey (another scammer), Jain built a white-label betting empire, essentially franchised crime disguised as tech innovation. They floated several platforms IBull Capital Ltd, LotusBook, GamebetLeague, VMoney, VM Trading and so on. These are all betting platforms as dangerous as it is digital. From the illegal trading, the group enters Hawala circuit. Mayur Pandya, a hawala operator, orchestrated untraceable fund transfers, cash drops, and payouts, turning online gambling into an offline money tsunami. But he did everything from behind the curtain. From Indore FIR to Mumbai millions However, this did not begin like a Mumbai scandal. Instead, it is a national one. With FIR No. 0041/2025 filed at Lasudiya Police Station, Indore, under the new Bhartiya Nyaya Sanhita (Sections 319(2) and 318(4)), the ED is now peeling back layers of this pan-India racket. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
a day ago
- News18
ED Raids 4 Mumbai Locations In Dabba Trading, Online Betting Case; Rs 3.3 Crore Seized
Last Updated: The case stems from FIR No. 0041/2025 registered at Lasudiya Police Station in Indore and has since expanded across multiple jurisdictions The Enforcement Directorate (ED) has carried out raids at four locations in Mumbai as part of a sweeping investigation into a suspected dabba trading and online betting racket. The searches, conducted under the Prevention of Money Laundering Act (PMLA), 2002, resulted in the seizure of Rs 3.3 crore in unaccounted cash, foreign currency, luxury watches, jewellery, and high-end vehicles. The case stems from FIR No. 0041/2025 registered at Lasudiya Police Station in Indore and has since expanded across multiple jurisdictions, targeting several white-label online platforms including VMoney, VM Trading, Standard Trades Ltd, IBull Capital, LotusBook, 11Starss, and GameBetLeague. According to the ED, these betting and trading apps operated through white-label mechanisms where administrative access, known as 'ADMIN rights", was sold or exchanged on a profit-sharing basis, making the financial trail complex and layered. Three individuals, Vishal Agnihotri, Dhaval Devraj Jain, and Mayur Padya alias Padya, have emerged as key operatives in the alleged network. Investigators believe Padya was primarily responsible for managing the cash-based fund flows that fuelled the betting operations. Authorities are now scrutinising digital records, financial transactions, and seized materials to uncover additional links to money laundering and illegal betting activities. The ED said the probe remains ongoing and further action will be taken based on the forensic examination of evidence. view comments First Published: July 15, 2025, 14:07 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
