The Enforcement Directorate (ED) has thrown light on a syndicate involved in illegal ‘dabba trading’ and online betting activities, saying its members earned almost ₹404.46 crore through criminal means.
The central probe agency gave this information in a release on Tuesday, saying it had filed a prosecution complaint before a special court in Indore for Prevention of Money Laundering Act (PMLA) cases.
“The investigation identified Proceeds of Crime amounting to ₹404.46 crore derived from manipulated trading platforms, illegal betting websites and unregulated white label applications,” it said.
These illegal ‘dabba trading’ and online betting activities operated on a large scale in Indore, Mumbai, Ahmedabad, Chennai and Dubai, it added.
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According to the release, in addition to ₹404.46 crore, the investigation led to the provisional attachment of assets worth ₹34.26 crore, comprising immovable properties worth ₹28.60 crore, movable assets valued at ₹3.83 crore, and balances of ₹1.83 crore in bank order accounts. Additionally, major seizures effected during search proceedings included more than ₹5.21 crore in cash, 59.9 kilograms of silver bars and a 100-gram gold bar.
High value luxury items, including jewellery worth approximately ₹1.94 crore and luxury watches valued at ₹4.77 crore, along with frozen cryptocurrency holdings exceeding ₹0.41 crore were also secured by ED.
“The investigation has revealed the existence of a technologically manipulated ecosystem involving rigged trading platforms, unlawful betting websites, and cross-border laundering mechanisms. Vishal Agnihotri has been identified as the principal operator,” the statement further said.
The release also mentions separate charges against Tarun Shrivastava, Srinivasan Ramasamy, Dhaval Devraj Jain, Dharmesh Rajnikant Trivedi, and Nidhi Chandnani.
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