ED raids in 'dabba trading', online betting case in Mumbai

Mumbai, Jul 15 (PTI) The Enforcement Directorate (ED) on Tuesday conducted searches in Mumbai as part of a money laundering investigation into illegal 'dabba trading' and online betting networks that were moving funds worth crores of rupees, official sources said.

The federal probe agency has seized about Rs 3.3 crore "unaccounted" cash, some luxury watches and jewellery, foreign currency and high-end vehicles from the four locations covered in Mumbai.

The operation is still ongoing, the sources said.

'Dabba trading' refers to an illegal and unregulated form of trading in securities.

Some online trading and betting platforms like Vmoney, VM Trading, Standard Trades Ltd, IBull Capital Ltd, LotusBook, 11Starss and GameBetLeague are under the scanner of the agency as part of this investigation, they said.

The money laundering case stems from a January filed FIR of the Lasudiya police station in Indore, Madhya Pradesh.

The ED suspects that the alleged illegal online betting platforms operated through "white-labelled" apps (mobile applications) and their administrative rights were exchanged by the accused on "profit-sharing" basis.

Some hawala operators and fund handlers have been identified and digital and financial records are being examined, they said. PTI NES DV DV DV