The Enforcement Directorate has filed a charge sheet against alleged members of a syndicate engaged in illegal “dabba” trading.
| Photo Credit: The Hindu
The Enforcement Directorate has filed a charge sheet against alleged members of a syndicate engaged in illegal “dabba” trading and online betting activities operating across Indore, Mumbai, Ahmedabad, Chennai, and Dubai.
The ED probe is based on an FIR registered by the Indore police related to an illegal online betting racket involving persons connected to another case instituted at a Mumbai police station under the Maharashtra Gambling Prohibition Act, besides a charge sheet filed by the police. “Dabba” trading usually means unregulated trading of stocks.
“Investigation has revealed the existence of a technologically manipulated ecosystem involving rigged trading platforms, unlawful betting websites, and a cross-border laundering mechanism. Vishal Agnihotri has been identified as the principal operator, assisted by Tarun Shrivastava who handled the day-to-day financial operations and mule accounts. Srinivasan Ramasamy configured manipulated MT5 [MetaTrader5] servers designed to generate false trading outcomes,” said the agency.
In parallel, Dhaval Devraj Jain allegedly operated an underground platform, LotusBook247, while accused Dharmesh Rajnikant Trivedi managed offshore entity, iBull Capital, and Nidhi Chandnani purportedly facilitated the movement and layering of funds via Dubai-based entities.
“The probe confirmed that clients were shown simulated trades on platforms such as V Money and 8Stock Height without any linkage to recognised stock exchanges, while betting platforms like LotusBook247 and 11Starss operated clandestinely using anonymous accounts, encrypted communication, and cash-based settlements,” said the ED.
The ED has so far identified alleged Proceeds of Crime amounting to ₹404.46 crore derived from “manipulated” trading platforms, “illegal” betting websites and “unregulated” white label applications.
It has also attached assets worth ₹34.26 crore. During searches, the agency earlier seized ₹5.21 crore in cash, 59.9 kg of silver bars, and a 100-g gold bar, besides jewellery valued at about ₹1.94 crore and luxury watches valued at ₹4.77 crore, and got frozen cryptocurrency holdings exceeding ₹41 lakh.
Public advisory
The ED has advised the public to verify that any trading or investment platform is registered with the Securities and Exchange Board of India, as unregulated “dabba” trading applications do not provide legal protections and often lead to financial loss. Public should also remain cautious of platforms operating on privately controlled or unverified MT5 servers, as they are usually designed to manipulate outcomes.
“Illegal betting websites expose users to legal consequences, misuse of personal and financial data and significant financial fraud… people should never allow their personal bank accounts to be used by others, as mule accounts are frequently utilised for laundering proceeds of crime and the account holder becomes liable under the PMLA (Prevention of Money Laundering Act),” it said, urging people to report any suspected illegal activity to the authorities concerned.
Published – December 24, 2025 01:11 am IST
