In a major crackdown against illicit digital wagering and cyber fraud operations, the Mumbai zonal unit of the Enforcement Directorate has taken Sagar Das into custody. Authorities accuse him of running illicit activities through All Panel Exchange alongside related web platforms, while orchestrating the diversion of massive sums swindled from unsuspecting citizens. Following the arrest, officials produced the accused before a special court in Mumbai, which granted a three-day remand to facilitate deeper interrogation into the illicit financial trail.
Initial Police Complaints Triggered Laundering Probe
According to an official briefing on Saturday, Das was arrested on October 27 under the stringent framework of the Prevention of Money Laundering Act. The federal investigation commenced following three separate first information reports registered in connection with digital gambling, online betting, and widespread cyber swindling. Complainants across these cases had reported losing massive fortunes amounting to crores of rupees. A scrutiny of banking transactions revealed that the proceeds of crime were rapidly layered through a wide network of mule bank accounts to obscure the money trail.
Routing Funds Through Cooperative Institutions and Shell Entities
The operational mechanics of the syndicate involved systematically siphoning stolen funds across multiple financial layers. Initial deposits gathered in illicit mule accounts were channeled through the Jubilee Hills Mercantile Cooperative Bank based in Hyderabad. From there, the illicit capital was distributed into the commercial accounts of numerous shell companies. Investigators discovered that these corporate entities then transferred massive amounts into the nodal account maintained by the Nagarabhavi Credit Cooperative Society located in Bengaluru.
Forged Documentation Used to Establish Cryptocurrency Channel
The investigation unearthed that Das allegedly utilized the KYC credentials and forged records belonging to the Bengaluru credit society to set up an unauthorized cryptocurrency account. Through the society's formal banking facilities, the accused facilitated illicit transactions scaling up to hundreds of crores of rupees. Officials noted that an overwhelming volume of this capital constituted criminal proceeds generated by trapping ordinary people in deceptive online betting portals and predatory cyber fraud operations.
Nationwide Searches Yield Key Evidence and Asset Freezes
Earlier in the investigation, enforcement teams executed coordinated search operations across multiple states to dismantle the infrastructure supporting the racket. Raids covered premises in Mumbai, Pune, Bengaluru, and Hyderabad, as well as Surat and Mehsana in Gujarat. These extensive searches led to the discovery of incriminating documentation, alongside orders freezing approximately nine crore rupees parked across diverse financial institution accounts. Previously, the probe had also resulted in the arrest of Ram U. Ramdhani, the Chief Executive Officer of Edsum Fintech Private Limited. The agency maintained that vigorous efforts are underway to dismantle the illicit financial architecture and bring all offenders to book.
