Editor’s Note
This article details a significant Enforcement Directorate operation in Mumbai targeting alleged illegal financial activities. The reported seizure of substantial unaccounted assets underscores the scale of the investigation. We will continue to follow developments in this case.
The Enforcement Directorate (ED) has conducted raids at four locations in Mumbai, the capital of Maharashtra, in a major case involving dabba trading and online betting. In this action, the ED has seized unaccounted cash worth ₹3.3 crore, luxury watches, jewelry, foreign currency, and luxury vehicles. The ED also found cash counting machines during the raids. Let’s find out what has been uncovered in this case so far.
The ED initiated a PMLA investigation under sections 319(2) and 318(4) of the BNS based on FIR No. 0041/2025 at Lasudia Police Station, Indore. The investigation so far has revealed that:
– Dabba trading apps under scrutiny include: VMoney, VM Trading, Standard Trades Limited, Ibul Capital, Lotusbook, 11Starss, Gamebet League.
– Online betting platforms operated through white-label apps and exchange of admin rights based on profit sharing.
– Hawala operators and fund handlers have been identified, and their digital and financial records are being examined.
Items seized during the search operations conducted by the ED at four premises in Mumbai under the investigation into the illegal dabba trading and online betting network include:
– Unaccounted cash worth ₹3.3 crore
– High-value luxury watches and jewelry
– Foreign currency
– Luxury vehicles
The ED’s investigation has revealed that Vishal Agnihotri, the beneficial owner of VMoney and 11Starss, acquired admin rights for the Lotusbook betting platform on a 5% profit-sharing arrangement. He later transferred these rights to Dhaval Devraj Jain, retaining 0.125% profit for himself, while Jain held 4.875% profit. Dhaval Jain, in collaboration with his associate John States alias Pandey, developed a white-label betting platform and supplied it to Vishal Agnihotri to run 11Starss.in. A hawala operator, Mayur Padya alias Padya, handled cash-based money transfers and payments for the betting operations.