The ongoing crackdown by the Enforcement Directorate against alleged online betting and cyber fraud networks has taken a significant turn. Following searches conducted on October 13, 2026, a fresh complaint has emerged demanding a comprehensive probe by investigative agencies while implicating several prominent names. The complaint urges authorities to investigate the alleged financial links between Samundar Singh Rathore, Mukesh Jain, and Ram U. Ramdhani, the already-arrested founder of Adanim FinTech.
Searches and Shell Company Web
The Enforcement Directorate had conducted search operations across 20 locations in Mumbai, Pune, Mehsana, Surat, and Hyderabad under the provisions of the Prevention of Money Laundering Act. The ongoing investigation centers around alleged fraud and money laundering cases linked to online betting platforms All Panel Exchange and MGM91. According to the agency, funds collected from victims through these platforms were routed to various accounts via the network of Pune-based Adanim FinTech. Probes further revealed that the company had developed a payment intermediary platform named 'IPaisa', through which over 200 shell and front companies were interconnected.
Dubai Operations and Outbound Fund Transfers
The agency claims these entities were utilized for transactions tied to online betting, gaming, and cyber fraud. According to investigators, the entire network operated through mule bank accounts, digital payment channels, and directives allegedly originating from Dubai. The inquiry reportedly uncovered three primary methods used to siphon illegal funds out of India, which included routing money abroad via trade transactions by showing over-invoicing, cash withdrawals through mule accounts opened in the names of APMC units, and converting funds into cryptocurrency for transfer outside the country.
Ram U. Ramdhani, the founder of Adanim FinTech, has already been arrested in connection with the case and is currently in judicial custody. During the searches, multiple documents and digital devices were seized alongside the freezing of several bank accounts. Following the action by the Enforcement Directorate, an individual named Santosh Gholap submitted a detailed complaint to eight central agencies on October 24. The complaint asserts that All Panel Exchange is merely a fraction of a much larger underlying network.
Wider Syndicate and Casino Acquisitions
As per the complaint, Samundar Singh Rathore is allegedly among the primary operators steering this network. It seeks an investigation into financial transactions linked to online betting exchanges, matka platforms, cyber fraud rings, digital arrest scams, and a Goa-based casino business. The petition alleges that massive numbers of mule bank accounts and UPI IDs were operated through small offices set up across Mumbai, Pune, Goa, Delhi, and Bengaluru. Thousands of crores of rupees were allegedly churned through these channels daily, with operations purportedly run from Dubai. Accusations have also been made regarding facilitating financial transactions connected to Mahadev Online Book.
The complainant claimed possession of names, mobile numbers, and transaction details belonging to roughly 20,442 casino players. Additionally, a list containing 17 bank accounts and 46 individuals was submitted to the investigating authorities. The filing alleges that casino chips and betting balances were collected via third-party bank accounts and UPI channels rather than authorized accounts to facilitate tax evasion and financial irregularities. The complaint further alleges that a proposed acquisition of a casino in Goa involved a planned deal worth 900 crore rupees, with 200 crore rupees intended for official records and 700 crore rupees proposed as an off-the-record payment.
According to sources, investigative agencies are likely to examine potential financial connections, payment trails, and the role of ultimate beneficiaries concerning the prior enforcement actions and the new allegations. However, the claims made in the complaint have not yet been independently verified, and investigative authorities have not released any official conclusions regarding these assertions. The investigation into the matter remains ongoing.
