ED uncovers hawala-fuelled online betting racket-OxBig News Network

The Enforcement Directorate has busted a hawala-backed illegal trading and online betting network in Mumbai, seizing Rs 3.3 crore in unaccounted cash, luxury vehicles, high-end watches, jewellery, and foreign currency.

According to officials, the agency conducted searches at four premises across the city as part of a money laundering probe linked to a cheating case registered at Lasudiya Police Station, Indore, under relevant sections of the Bharatiya Nyaya Sanhita (BNS).

The investigation revealed that several dabba trading and online betting platforms — VMoney, VM Trading, Standard Trades Ltd, IBull Capital, LotusBook, 11Starss, and GameBetLeague — were being operated using white-label applications. ADMIN rights for these apps were traded on a profit-sharing basis, effectively creating a layered digital ecosystem to mask illegal financial activity.

“The racket wasn’t just about individual platforms; there was a structured hierarchy and revenue-sharing arrangement between operators, making it resemble an organized financial cartel,” an ED official said.

According to the official, the investigators identified a person named Vishal Agnihotri as the beneficial owner of VMoney and 11Starss who allegedly held a 5% profit-sharing stake in LotusBook, later transferring majority ADMIN rights to Dhaval Devraj Jain while retaining a cut.

Jain, in collaboration with his associate John States alias Pandey, is accused of creating a customized white-label betting platform supplied to Agnihotri for running 11Starss.in.

Additionally, hawala operator Mayur Padya alias Padya has been identified as the key fund handler, managing cash-based transfers and payments related to the syndicate’s betting operations.

ED officials confirmed they are examining digital and financial records linked to these entities. Cash counting machines found during the raids indicate large-scale cash transactions.

Sources said that further scrutiny of hawala channels and offshore fund trails is underway. “This is not just a Mumbai-centric racket; the footprint is likely pan-India, with possible overseas links,” the official added.