The Enforcement Directorate has reported that a syndicate engaged in illegal dabba trading and online betting earned Rs 404.46 crore. Investigations led to asset attachments worth Rs 34.26 crore.
India
-Krishna Kripa
The
Enforcement
Directorate
(ED)
has
informed
a
special
court
in
Indore
about
a
syndicate’s
illegal
activities.
This
group,
involved
in
unauthorised
dabba
trading
and
online
betting,
amassed
Rs
404.46
crore
through
illicit
means.
The
ED
shared
these
details
in
a
release
on
Tuesday,
highlighting
the
scale
of
operations
across
Indore,
Mumbai,
Ahmedabad,
Chennai,
and
Dubai.
image
The
Enforcement
Directorate
has
reported
that
a
syndicate
engaged
in
illegal
dabba
trading
and
online
betting
earned
Rs
404.46
crore.
Investigations
led
to
asset
attachments
worth
Rs
34.26
crore.
The
investigation
uncovered
a
sophisticated
network
using
manipulated
trading
platforms
and
illegal
betting
websites.
This
ecosystem
also
involved
cross-border
money
laundering
mechanisms.
Vishal
Agnihotri
has
been
identified
as
the
main
operator
of
this
syndicate.
The
ED’s
probe
has
led
to
the
filing
of
a
prosecution
complaint
against
those
involved.
Illegal
Trading
and
Betting
Syndicate
The
ED’s
investigation
revealed
that
the
syndicate
generated
Rs
404.46
crore
from
illegal
activities.
These
funds
were
derived
from
manipulated
trading
platforms
and
unregulated
white
label
applications.
The
agency
filed
a
complaint
on
Monday
with
a
special
court
handling
Prevention
of
Money
Laundering
Act
(PMLA)
cases
in
Indore.
In
addition
to
identifying
the
proceeds
of
crime,
the
ED
provisionally
attached
assets
worth
Rs
34.26
crore.
These
assets
include
immovable
properties
valued
at
Rs
28.60
crore
and
movable
assets
worth
Rs
3.83
crore.
Bank
account
balances
amounting
to
Rs
1.83
crore
were
also
seized.
Seizures
and
Asset
Attachments
During
search
operations,
significant
seizures
were
made
by
the
ED.
These
included
over
Rs
5.21
crore
in
cash,
59.9
kilograms
of
silver
bars,
and
a
100-gram
gold
bar.
High-value
luxury
items
such
as
jewellery
worth
approximately
Rs
1.94
crore
and
luxury
watches
valued
at
Rs
4.77
crore
were
also
secured.
The
investigation
further
led
to
the
freezing
of
cryptocurrency
holdings
exceeding
Rs
0.41
crore.
The
ED’s
actions
highlight
the
extensive
nature
of
the
syndicate’s
operations
and
their
financial
gains
from
illegal
activities.
Key
Individuals
Charged
Besides
Vishal
Agnihotri,
other
individuals
have
been
charged
in
connection
with
this
case.
These
include
Tarun
Shrivastava,
Srinivasan
Ramasamy,
Dhaval
Devraj
Jain,
Dharmesh
Rajnikant
Trivedi,
and
Nidhi
Chandnani.
The
charges
reflect
their
involvement
in
the
syndicate’s
illegal
operations.
The
ED’s
findings
underscore
the
technological
manipulation
employed
by
the
syndicate
to
facilitate
their
unlawful
activities.
This
case
highlights
the
challenges
faced
by
authorities
in
tackling
such
sophisticated
criminal
networks
operating
across
borders.
With
inputs
from
PTI
