The Enforcement Directorate has exposed a major illegal dabba trading and online betting network after conducting raids at four different locations in Mumbai. The agency seized ₹3.3 crore in unaccounted cash, along with luxury watches, jewellery, foreign currency and premium vehicles.
The case originates from an FIR filed on January 9, 2025, at Lasudiya Police Station in Indore. The FIR was filed under Sections 319(2) and 318(4) of the Bhartiya Nyaya Sanhita, previously known as Sections 419 and 420 of the Indian Penal Code. The ED is now investigating the matter under the Prevention of Money Laundering Act, 2002.
The probe is focusing on multiple digital platforms that were allegedly used for illegal trading and betting activities. These include VMoney, VM Trading, Standard Trades Ltd, IBull Capital, LotusBook, 11Starss and GameBetLeague. The platforms operated using white label apps where ADMIN rights were handed over based on profit-sharing models
The ED has identified several hawala operators and fund handlers who played key roles in the network. One of the main accused, Vishal Agnihotri, reportedly owned VMoney and the betting website 11Starss. He had initially gained administrative control of LotusBook on a five percent profit-sharing basis. Later, he transferred these rights to Dhaval Devraj Jain while still holding a 0.125 percent stake.
Dhaval Jain, along with his associate John States also known as Pandey, allegedly created a customised white label betting platform. This platform was then used by Agnihotri to operate 11Starss.in.
Another accused, Mayur Padya also known as Padya, is believed to have managed large amounts of cash as a hawala operator for the syndicate, handling payments and illegal transfers related to the trading and betting operations.
The investigation is ongoing as the ED continues to unravel the extent of this illegal trading and betting network.
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