ED Raids 11 Locations in Maharashtra, Karnataka Over Online Betting

The Enforcement Directorate (ED) conducted searches at 11 premises across Maharashtra and Karnataka on Tuesday as part of a money laundering investigation linked to the online betting platform 'All Panel Exchange'. The searches, carried out under the Prevention of Money Laundering Act (PMLA), covered three premises in Mumbai, six in Pune, and two in Bengaluru.

Those searched included alleged platform operators, payment gateway handlers, and entities suspected of supplying bank accounts used to route betting money. Investigators are also examining the role of fintech firms and shell companies suspected of helping layer and conceal the alleged proceeds of crime.

The searches led to the seizure of financial records, banking documents, digital devices, and other material that investigators believe will help reconstruct the money trail, identify the alleged beneficiaries, and trace the flow of funds through mule accounts, shell entities, and layered banking transactions.

The PMLA investigation stems from two FIRs registered by the Maharashtra and Karnataka police. The first, lodged by the Jalgaon Cyber Police in January 2025, pertains to the alleged operation of the online betting platform 'All Panel Exchange' through the website allpanelexch.com. The second FIR, registered by the HSR Layout Police in Bengaluru in February 2026, relates to similar allegations.

According to the ED, the investigation found that unsuspecting users were induced to deposit money on the platform, following which the funds were routed through a network of mule bank accounts before being layered across multiple financial channels to disguise their origin and conceal the identities of the ultimate beneficiaries.

The agency alleged that the funds were then transferred through multiple bank accounts before being withdrawn or moved further to obscure the money trail and conceal the identities of those controlling the operation.

The ED's findings suggest that 'All Panel Exchange' functioned as a franchise-based 'white-label' betting ecosystem rather than a single centrally operated platform. The agency alleged that while the core betting infrastructure and technical backend were hosted overseas, branded versions of the platform were leased to local operators under profit-sharing arrangements through a hierarchy of 'master', 'super master', and agent-level operators.

Under this arrangement, the ED alleged, the overseas operators controlled the core platform and maintained the main technical infrastructure and web servers outside India, while master and super master panel holders distributed betting IDs through multiple layers of agents. These agents managed customer accounts, collected deposits, extended betting credit, and settled payouts.

The ED's investigation is a significant step in cracking down on online betting and money laundering in India. The agency's efforts to reconstruct the money trail and identify the alleged beneficiaries will help to bring those involved in the illegal activity to justice.

The crackdown on online betting is also a reminder of the need for stricter regulations and laws to prevent such activities. The government has been taking steps to regulate online gaming and betting, but more needs to be done to prevent the exploitation of unsuspecting users and to prevent money laundering.

In conclusion, the ED's raids on 11 locations in Maharashtra and Karnataka are a significant development in the investigation into online betting and money laundering. The agency's efforts to crack down on such activities will help to prevent the exploitation of unsuspecting users and to prevent money laundering.