Indore, Dec 23 (IANS) The ED filed a charge sheet in a Special Court (PMLA) in Indore, Madhya Pradesh, against a syndicate engaged in illegal ‘dabba’ trading and online betting activities involving Rs 404.46 crore and operating across Indore, Mumbai, Ahmedabad, Chennai and Dubai, an official said on Tuesday.
‘Dabba’ trading is an illegal and unregulated form of trading where transactions in securities or commodities occur outside of officially recognised stock exchanges.
The investigation has revealed the existence of a technologically manipulated ecosystem involving rigged trading platforms, unlawful betting websites and a cross-border laundering mechanism, the Directorate of Enforcement, Headquarters, said in the charge sheet on cheating and financial offences filed on Monday.
The probe agency said that Vishal Agnihotri has been identified as the principal operator, assisted by Tarun Shrivastava, who handled the day-to-day financial operations and mule accounts, and Srinivasan Ramasamy, who configured and manipulated MT5 servers designed to generate false trading outcomes.
The ED initiated an investigation on the basis of an FIR registered by Indore Police for offences under various Sections 319(2) and 318(4) of the Bharatiya Nyaya Sanhita, 2023, corresponding to Sections 419 and 420 of the IPC, 1860.
The probe revealed that an FIR No. 0136/2021, relating to an illegal online betting racket involving persons associated/connected with FIR No. 041/2025, was registered at N.M. Joshi Marg Police Station, Mumbai, under IPC sections 419, 420, 465, 468, 471, the Maharashtra Gambling Prohibition Act, and Sections 66(C) and 66(D) of the IT Act, and that the police authorities have filed a charge sheet in the said FIR.
The ED statement said that apart from Agnihotri and his aides, a parallel betting network was operated by Dhaval Devraj Jain.
Jain operated the underground platform ‘LotusBook247’, while Dharmesh Rajnikant Trivedi managed the offshore entity ‘iBull Capital’, and Nidhi Chandnani facilitated the movement and layering of funds through Dubai-based structures, the ED said.
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.
The investigation has identified Proceeds of Crime amounting to Rs 404.46 crore derived from manipulated trading platforms, illegal betting websites and unregulated white label applications, the ED said.
In addition to this quantification, the investigation led to the provisional attachment of assets worth Rs 34.26 crore, comprising immovable properties worth Rs 28.60 crore, movable assets valued at Rs 3.83 crore, and balances of Rs 1.83 crore in bank or demat accounts, the ED said.
Major seizures effected during search proceedings included more than Rs 5.21 crore in cash, 59.9 kilograms of silver bars and a 100-gram gold bar, it said.
The ED also secured high-value luxury items, including jewellery worth approximately Rs 1.94 crore and luxury watches valued at Rs 4.77 crore, along with frozen cryptocurrency holdings exceeding Rs 41 lakh, it said.
These properties represent the material proceeds generated and possessed by members of the syndicate through their unlawful activities, the ED said.
–IANS
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