The Enforcement Directorate (ED) has conducted raids at four locations across Mumbai, uncovering an expansive web of dabba trading and online betting activities. Acting on the basis of FIR No. 0041/2025 registered at Lasudiya Police Station in Indore, the ED launched a money laundering probe under Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita (BNS).
The raids led to the seizure of ₹3.3 crore in unaccounted cash, foreign exchange, high-end luxury watches, jewellery, and premium vehicles. Investigators also recovered cash counting machines, indicating the large-scale cash-based operations being run discreetly in urban financial hubs.
This action follows a larger national crackdown on financial crimes involving betting exchanges, shell trading apps, and underground hawala channels.
Algoritha: The Most Trusted Name in BFSI Investigations and DFIR Services
Illegal Trading and Betting Platforms Under ED’s Radar
The ED’s investigation revealed that a series of white-label betting and trading apps were being used for illicit financial activities. Platforms under scrutiny include:
- VMoney
- VM Trading
- Standard Trades Ltd
- iBull Capital
- LotusBook
- 11Starss
- Gamebet League
These platforms reportedly operated through admin access transfers and profit-sharing models, circumventing Indian financial regulations. Crucially, these apps were distributed under white-label agreements, allowing front-end changes while using a shared backend betting infrastructure.
The profit-sharing model used by the syndicate came to light during scrutiny of LotusBook, where Vishal Agnihotri, the beneficial owner of VMoney and 11Starss, initially acquired admin rights with a 5% profit share. He later transferred those rights to Dhaval Devraj Jain, keeping 0.125% for himself, while Jain retained 4.875%.
Key Players, Hawala Links, and Digital Trails Identified
The financial ecosystem supporting these operations was complex and included:
- Vishal Agnihotri – beneficial owner and initial admin of LotusBook
- Dhaval Devraj Jain – successor admin and co-developer of white-label platforms
- John States alias Pandey – tech associate aiding betting site development
- Mayur Padya alias Padya – identified hawala operator managing cash movement
Padya facilitated cash-based transactions and illegal betting payouts, using traditional hawala networks to mask the source and destination of funds. The ED is currently analysing digital records, bank statements, and telecom data to further uncover the extent of the network.
The investigation aims to trace end beneficiaries and establish a broader nexus, potentially implicating more operators and shell entities across India and abroad.
This case is part of a larger crackdown that recently saw raids at 37 locations across Delhi and other states, highlighting the scale of illegal betting and money laundering operations rooted in digital platforms. The ED’s continued action signals increased scrutiny on crypto, cash-based, and tech-enabled illicit economies.