Listen To This Post
Thenewsdose.com
New Delhi, July 16, UPDATED: 2:35UPDATED:2.35 PM
The Enforcement Directorate (ED) has unearthed a massive hawala-backed illegal trading and online betting network operating out of Mumbai, seizing ₹3.3 crore in unaccounted cash, along with luxury vehicles, high-end watches, gold jewellery, and foreign currency in a series of sweeping raids.
As part of an ongoing money laundering probe, ED sleuths carried out coordinated searches at four premises across the city. The investigation is linked to a cheating case registered at Lasudiya Police Station in Indore under provisions of the newly enacted Bharatiya Nyaya Sanhita (BNS).
Illegal Trading Platforms Operated via White-Label Apps
Preliminary findings have uncovered the operation of several illegal online platforms—VMoney, VM Trading, Standard Trades Ltd, IBull Capital, LotusBook, 11Starss, and GameBetLeague—which were being run using white-label applications, commonly used to replicate legitimate interfaces while facilitating illegal activities.
“These platforms were not isolated operations. They were interlinked via a profit-sharing arrangement and ADMIN access to administrative trades. This layered structure effectively disguised illegal financial transactions, creating a parallel digital economy,” an ED official revealed.
The white-label applications provided an additional layer of anonymity and obfuscation, allowing the operators to customise front-end interfaces while maintaining a backend ecosystem built for high-volume, off-the-books betting and trading.
Organised Financial Cartel: Key Players Under ED Scanner
Investigators have identified Vishal Agnihotri as the key beneficial owner of both VMoney and 11Starss, with financial interests in LotusBook, where he reportedly held a 5% profit stake before transferring primary ADMIN rights to Dhaval Devraj Jain, while retaining a revenue cut.
Jain, along with his associate John States alias Pandey, is believed to have developed a customised white-label betting platform, which was later handed over to Agnihotri for operating the now-active domain 11Starss.in.
Meanwhile, Mayur Padya alias Padya, a hawala operator, has been named as the chief fund handler for the syndicate. According to officials, he played a pivotal role in managing large-scale cash transfers and payments related to the group’s pan-India betting operations.
Large-Scale Cash Movement & Overseas Links Suspected
During the raids, the ED recovered cash-counting machines, indicating the scale and frequency of cash-based transactions. Several digital devices and financial documents have also been seized and are under forensic examination.
“This isn’t just a localised racket. Evidence points to a larger, possibly pan-India network with international money trails,” a senior ED officer stated, adding that hawala channels and offshore fund movements are currently under scrutiny.
The agency is also examining whether the profits from these illegal activities were laundered through shell companies or routed abroad using trade-based money laundering techniques.
