Dabba trading: ED conducts raids in Mumbai; Rs 3.3 crore cash, luxury items seized

Mumbai, July 15 (IANS) The Enforcement Directorate (ED) on Tuesday carried out searches at four locations in Mumbai as part of an ongoing investigation into a high-value dabba trading and online betting racket, a statement from the probe agency said. During the raids, the agency seized unaccounted cash amounting to Rs 3.3 crore, along with luxury watches, jewellery, foreign currency, premium vehicles, and several cash-counting machines. According to the ED, the probe centres around several platforms suspected of facilitating illegal trading and betting activities. The apps under investigation include VMoney, VM Trading, Standard Trades Ltd, IBull Capital, LotusBook, 11Starss, and GameBetLeague. These platforms were allegedly operating as white-label online betting apps, with admin rights reportedly transferred on a profit-sharing basis. The ED said it has identified several hawala operators and fund handlers linked to the case. Digital devices and financial documents recovered during the raids are currently being scrutinised. The case is being investigated under the Prevention of Money Laundering Act (PMLA) and is based on a First Information Report registered at Lasudiya Police Station in Indore. The FIR invoked Sections 319(2) and 318(4) of the Bhartiya Nyaya Sanhita. The ED’s investigation has revealed that Vishal Agnihotri, the alleged beneficial owner of VMoney and 11Starss, initially acquired the admin rights of the betting platform LotusBook on a 5 per cent profit-sharing arrangement. He later transferred the majority of these rights to Dhaval Devraj Jain, retaining 0.125 per cent profit for himself, while Jain held the remaining 4.875 per cent. Further, Jain, in collaboration with his associate John States alias Pandey, reportedly developed a white-label betting platform and supplied it to Agnihotri for operating 11Starss.in. The ED has also identified Mayur Padya alias Padya, a known hawala operator, as the individual responsible for handling cash-based fund transfers and payments related to the betting operations. The agency said further investigation is underway.