Mumbai Police have opened a parallel investigation into alleged mule bank accounts used to route money from online gaming, betting and cyber fraud activities, examining links to a suspected network already under investigation by the Enforcement Directorate (ED).
The police are studying the financial trail and the alleged role of individuals named in a complaint, including Samundar Singh Rathod and Mukesh Jain. Investigators are also examining whether bank accounts identified by the ED overlap with accounts found during Mumbai Police investigations.
The probe follows the Crime Branch’s arrest of 12 people accused of operating an international cyber fraud and money-laundering syndicate from a sea-facing villa in Calangute, Goa. Investigators suspect the group moved more than Rs 500 crore in alleged cyber fraud proceeds to handlers in Dubai through mule bank accounts and SIM cards.
According to the report, the ED is investigating an alleged online betting network linked to All Panel Exchange and MGM91. The agency has been examining the alleged use of mule accounts, shell companies and payment intermediaries to collect and layer proceeds from online betting and cyber fraud.
Mumbai Police are expected to examine how accounts were opened and operated, who controlled them, and whether they were used as conduits for betting transactions. The investigation will also look at the movement of funds across multiple accounts and the identities of the alleged beneficiaries.
A complaint filed by activist Santosh Gholap before eight central agencies has sought a detailed financial investigation into the alleged network. The complaint names Rathod and Jain, among others, and alleges that several bank accounts and UPI IDs were used to facilitate betting transactions and route funds through multiple entities.
The complaint has sought scrutiny of 17 bank accounts and 46 individuals. It also claims that details of about 20,442 casino players are available to investigators. The alleged mule-account operations were reportedly conducted through small offices in Mumbai, Pune, Goa, Delhi and Bengaluru.
The ED had conducted searches at 20 premises across Mumbai, Pune, Mehsana, Surat and Hyderabad on October 13 as part of its money-laundering investigation. The agency allegedly found that more than 200 shell and front companies had been onboarded through Pune-based Edsom Fintech’s i Paisa payment platform to facilitate transactions linked to online betting and cyber fraud operators.
Investigators suspect that funds were routed through several mule accounts before being moved through disguised trade transactions, cash withdrawals and cryptocurrency channels. Edsom Fintech founder Ram U Ramdhani has been arrested in the case, according to the report.
The Mumbai Police investigation is expected to focus on the account holders, transaction facilitators and financial links between the entities under scrutiny. The allegations remain subject to investigation and formal findings by the agencies involved.
