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Mumbai Police are probing mule bank accounts allegedly used to route betting proceeds and cyber fraud funds across India
What Is Mumbai Police Investigating?
Mumbai Police have launched a parallel investigation into an alleged network of mule bank accounts used to transfer money generated through online gaming, betting and cyber fraud.
Investigators are examining financial transactions and the alleged involvement of individuals named in a complaint, including Samudar Singh Rathod and Mukesh Jain. The investigation runs alongside an ongoing Enforcement Directorate (ED) money-laundering probe into an alleged online betting network linked to All Panel Exchange (APX) and MGM91. Police are examining whether bank accounts identified during the ED investigation were also used to facilitate other suspicious transactions.
The Mumbai crime branch recently dismantled an international cyber fraud and money-laundering syndicate, arresting 12 alleged members operating from a sea-facing villa in Calangute, Goa. Investigators suspect the syndicate laundered more than ₹500 crore in cyber fraud proceeds through mule accounts and SIM cards to handlers based in Dubai.
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What Does the Complaint Allege?
Activist Santosh Gholap submitted a complaint to eight central agencies seeking a detailed financial investigation into the alleged network. The complaint names Rathod and Jain among others and alleges that several bank accounts and UPI IDs facilitated betting transactions through multiple entities. It further claims that mule accounts operated from small offices in Mumbai, Pune, Goa, Delhi and Bengaluru.
The complainant has requested scrutiny of 17 bank accounts and 46 individuals, while claiming to possess details concerning approximately 20,442 casino players. Mumbai Police are examining account holders, transaction operators and the identities of beneficiaries allegedly receiving funds through these arrangements.
What Has the ED Investigation Revealed?
The ED conducted searches at 20 premises across Mumbai, Pune, Mehsana, Surat and Hyderabad on October 13 as part of its money-laundering investigation.
According to investigators, more than 200 shell and front companies were allegedly onboarded through Pune-based Edsom Fintech’s iPaisa payment platform to facilitate transactions associated with online betting and cyber fraud. Investigators suspect that money passed through multiple mule accounts before being transferred using disguised trade transactions, cash withdrawals and cryptocurrency channels. Edsom Fintech founder Ram U Ramdhani has been arrested in connection with the case.
What Will Investigators Examine Next?
Mumbai Police are expected to focus on the local banking arrangements and operational connections of the alleged network. Their investigation could help identify how accounts were controlled, who facilitated the transactions and whether the suspected beneficiaries were connected to other entities.
Meanwhile, the ED continues examining the suspected money-laundering trail involving betting operations, payment intermediaries and shell companies. The allegations concerning the individuals and accounts named in the complaint remain subject to investigation.
