ED: The charges 400 crore in illicit “dabba” trade and betting with connections to Dubai
ED: According to an official on Tuesday, the ED filed a charge sheet before a Special Court (PMLA) in Indore, Madhya Pradesh, against a conspiracy that operated in Indore, Mumbai, Ahmedabad, Chennai, and Dubai and participated in illicit “dabba” trafficking and online betting operations totaling Rs 404.46 crore.
When stocks or commodities are traded outside of legally recognized stock exchanges, it is known as “dabba” trading, an illicit and unregulated kind of trading.
The Directorate of Enforcement, Headquarters stated in the charge sheet on cheating and financial offenses filed on Monday that the investigation has uncovered the existence of a technologically manipulated ecosystem that includes rigged trading platforms, illegal betting websites, and a cross-border laundering mechanism.
According to the investigation agency, Tarun Shrivastava, who managed mule accounts and daily financial operations, and Srinivasan Ramasamy, who set up and altered MT5 servers intended to produce fraudulent trading results, helped identify Vishal Agnihotri as the principal operator.
Based on a FIR filed by Indore Police for offenses under different Sections 319(2) and 318(4) of the Bharatiya Nyaya Sanhita, 2023—which equate to Sections 419 and 420 of the IPC, 1860—the ED opened an inquiry.
The investigation found that, in accordance with Sections 419, 420, 465, 468, 471, the Maharashtra Gambling Prohibition Act, and Sections 66(C) and 66(D) of the IT Act, a FIR No. 0136/2021 was filed at the N.M. Joshi Marg Police Station in Mumbai. The FIR concerned an illegal online betting racket involving individuals connected to or associated with FIR No. 041/2025, and the police authorities filed a charge sheet in the aforementioned FIR.
According to the ED statement, Dhaval Devraj Jain ran a separate betting network in addition to Agnihotri and his associates.
According to the ED, Jain ran the underground platform “LotusBook247,” Dharmesh Rajnikant Trivedi oversaw the offshore company “iBull Capital,” and Nidhi Chandnani made it easier for money to transfer and be layered via Dubai-based entities.
The investigation found that while betting sites like “LotusBook247” and “11Starss” operated covertly using anonymous accounts, encrypted communication, and cash-based settlements, clients were shown simulated trades on platforms like “V Money” and “8Stock Height” that had no connection to reputable stock exchanges.
According to the ED, the probe has found proceeds of crime of Rs 404.46 crore that came from unregulated white label apps, illicit betting websites, and manipulative trading platforms.
Along with this quantification, the inquiry resulted in the provisional attachment of assets totaling Rs 34.26 crore, which included balances of Rs 1.83 crore in bank or demat accounts, moveable assets valued at Rs 3.83 crore, and immovable properties valued at Rs 28.60 crore, according to the ED.
More than Rs 5.21 crore in cash, 59.9 kg of silver bars, and a 100-gram gold bar were among the significant seizures made during the search, according to the statement.
Along with frozen bitcoin holdings worth over Rs 41 lakh, the ED also seized high-value luxury goods, including jewelry valued at over Rs 1.94 crore and expensive timepieces valued at Rs 4.77 crore, according to the statement.
According to the ED, these properties are a representation of the tangible wealth that syndicate members have amassed and amassed as a result of their illegal operations.