The Enforcement Directorate (ED) has filed a charge sheet against a big syndicate involved in Dabba trading and online betting. ED has presented this charge sheet in the special PMLA court of Indore, Madhya Pradesh on Monday (December 22, 2025). Investigation has revealed that this entire syndicate was spread from Indore, Mumbai, Ahmedabad, Chennai to Dubai and was cheating people in the name of investment and trading through high-tech methods.
What was revealed in ED investigation
ED’s investigation was started on the basis of FIR of Indore Police. As the investigation progressed, it was found that the links of this network were also linked to an old online betting case registered at NM Joshi Marg police station in Mumbai. The police have already filed a charge sheet in that case.
According to the charge sheet, this entire racket was working on a technically designed fake system. There were fake trading platforms, illegal betting websites and a complete system for moving money through foreign countries. ED has described Vishal Agnihotri as the main operator of this network. Along with him, Tarun Srivastava handled daily financial transactions and fake bank accounts, while Srinivasan Ramasamy set up the MT5 server in such a way that fake profits and fake trades could be shown to the clients.
The work of the accused was divided in the network
The charge sheet also said that Dhaval Devraj Jain was running an illegal platform named LotusBook247 in the parallel betting network. Dharmesh Rajnikant Trivedi handled this business through an offshore company named iBull Capital, while Nidhi Chandnani was playing an important role in layering and transfer of money through Dubai. Investigation revealed that on platforms like V Money and 8Stock Height, trades were shown to customers only on the screen, which had no direct connection with any recognized stock exchange.
ED seizes property worth crores of syndicate
According to the chargesheet of ED, illegal earnings of about Rs 404.46 crore were made from this entire network, which has been considered as Proceeds of Crime. Till now ED has temporarily attached properties worth Rs 34.26 crore. These include immovable properties worth Rs 28.60 crore, movable properties worth Rs 3.83 crore and money in bank and demat accounts worth Rs 1.83 crore.
At the same time, during the raid, ED has recovered more than Rs 5.21 crore in cash, about 59.9 kg of silver ingots and 100 grams of gold brick. Apart from this, jewelery worth about Rs 1.94 crore, luxury watches worth Rs 4.77 crore and cryptocurrency worth more than Rs 0.41 crore have also been frozen. ED says that all these properties were earned from this illegal Dabba trading and betting business.
ED appeals to common people
ED has appealed to the people that before investing money in any trading or investment platform, they must check whether it is registered with SEBI or not. Apps running on private and unverified MT5 servers are often designed to be fraudulent. Illegal betting websites not only cause financial loss but can also land you in legal trouble.
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