Ahmedabad: The Enforcement Directorate (ED) has filed a prosecution complaint before the Special Court under the Prevention of Money Laundering Act (PMLA), Indore, against a syndicate allegedly involved in large-scale illegal dabba trading and online betting operations spread across multiple Indian cities and overseas locations, including Dubai, the agency said in a press release.

According to the ED, the prosecution complaint was filed on December 22, 2025, following an extensive investigation into an organised network operating out of Indore, Mumbai, Ahmedabad, Chennai and Dubai. The probe was initiated on the basis of an FIR registered by Indore Police under relevant provisions of the Bharatiya Nyaya Sanhita, 2023, corresponding to cheating and impersonation offences under the Indian Penal Code.

The ED investigation further uncovered links to an earlier FIR registered in 2021 at Mumbai’s N.M. Joshi Marg Police Station, which pertained to an illegal online betting racket. Police had already filed a chargesheet in that case under IPC provisions, the Maharashtra Gambling Prohibition Act and sections of the Information Technology Act.

The agency said its probe revealed a technologically manipulated ecosystem comprising rigged trading platforms, illegal betting websites and a cross-border money laundering mechanism. Vishal Agnihotri has been identified as the main operator of the syndicate. He was allegedly assisted by Tarun Shrivastava, who managed day-to-day financial operations and mule accounts, and Srinivasan Ramasamy, who configured manipulated MT5 servers to generate false trading results.

In the parallel betting network, Dhaval Devraj Jain allegedly operated the underground betting platform LotusBook247, while Dharmesh Rajnikant Trivedi managed the offshore entity iBull Capital. Nidhi Chandnani is accused of facilitating the movement and layering of funds through Dubai-based structures.

The ED said clients were shown simulated trades on platforms such as V Money and 8Stock Height, which had no linkage to recognised stock exchanges. Betting platforms like LotusBook247 and 11Starss allegedly operated clandestinely using anonymous accounts, encrypted communication channels and cash-based settlements.

The investigation has identified proceeds of crime amounting to ₹404.46 crore, generated from manipulated trading platforms, illegal betting websites and unregulated white-label applications. The ED has provisionally attached assets worth ₹34.26 crore, including immovable properties valued at ₹28.60 crore, movable assets worth ₹3.83 crore and balances of ₹1.83 crore in bank and demat accounts.

During search operations, the ED seized more than ₹5.21 crore in cash, 59.9 kg of silver bars and a 100-gram gold bar. The agency also recovered high-value luxury items, including jewellery worth about ₹1.94 crore and luxury watches valued at ₹4.77 crore, besides freezing cryptocurrency holdings exceeding ₹0.41 crore.

“These assets represent the material proceeds generated and possessed by members of the syndicate through unlawful activities,” the ED said, adding that further proceedings in the case are underway. DeshGujarat