ED files chargesheet against multi-city dabba trading, online betting syndicate; Rs 58.39 crore attached

The Directorate of Enforcement (ED) Headquarters has filed a Prosecution Complaint on December 22, 2025, before the Special Court (PMLA), Indore, against a syndicate allegedly involved in large-scale illegal dabba trading and online betting operations spanning multiple Indian cities and overseas locations. According to the complaint, the syndicate operated across Indore, Mumbai, Ahmedabad, Chennai and Dubai, and the total attachment and seizure in the case stands at approximately Rs 58.39 crore.

The ED said the investigation was initiated on the basis of an FIR registered by Indore Police under provisions of the Bharatiya Nyaya Sanhita, 2023, corresponding to cheating and impersonation offences under the Indian Penal Code. “Further investigation revealed that an earlier FIR registered in Mumbai in 2021 pertained to an illegal online betting racket involving persons connected to the present case, and a chargesheet has already been filed by police authorities in that matter,” the complaint stated.

According to the prosecution complaint, the probe uncovered “a technologically manipulated ecosystem involving rigged trading platforms, unlawful betting websites and a cross-border laundering mechanism”. The ED identified Vishal Agnihotri as the principal operator of the network, with Tarun Shrivastava allegedly managing day-to-day financial operations and mule bank accounts, while Srinivasan Ramasamy was said to have configured manipulated MT5 servers “designed to generate false trading outcomes”.

The complaint further stated that in a parallel betting network, Dhaval Devraj Jain allegedly operated the underground betting platform LotusBook247, while Dharmesh Rajnikant Trivedi managed the offshore entity iBull Capital. “Nidhi Chandnani facilitated the movement and layering of funds through Dubai-based structures,” the ED alleged.

Investigators said clients were shown “simulated trades on platforms such as V Money and 8Stock Height without any linkage to recognised stock exchanges”, while betting platforms including LotusBook247 and 11Starss operated clandestinely using anonymous accounts, encrypted communication channels and cash-based settlements.

The ED has identified Proceeds of Crime amounting to Rs 404.46 crore, allegedly generated from manipulated trading platforms, illegal betting websites and unregulated white-label applications. The complaint said the agency provisionally attached assets worth Rs 34.26 crore, including immovable properties valued at Rs 28.60 crore, movable assets worth Rs 3.83 crore, and balances of Rs 1.83 crore held in bank and demat accounts.

Search operations led to the seizure of more than Rs 5.21 crore in cash, 59.9 kilograms of silver bars and a 100-gram gold bar. The ED also seized jewellery valued at approximately Rs 1.94 crore, luxury watches worth Rs 4.77 crore and frozen cryptocurrency holdings exceeding Rs 0.41 crore. “These properties represent the material proceeds generated and possessed by members of the syndicate through their unlawful activities,” the complaint said.

Further investigation in the case is ongoing.