The Enforcement Directorate has filed a charge sheet against alleged members of a syndicate engaged in illegal “dabba” trading and online betting activities operating across Indore, Mumbai, Ahmedabad, Chennai, and Dubai.
The ED probe is based on an FIR registered by the Indore police related to an illegal online betting racket involving persons connected to another case instituted at a Mumbai police station under the Maharashtra Gambling Prohibition Act, besides a charge sheet filed by the police. “Dabba” trading usually means unregulated trading of stocks.
“Investigation has revealed the existence of a technologically manipulated ecosystem involving rigged trading platforms, unlawful betting websites, and a cross-border laundering mechanism. Vishal Agnihotri has been identified as the principal operator, assisted by Tarun Shrivastava who handled the day-to-day financial operations and mule accounts. Srinivasan Ramasamy configured manipulated MT5 [MetaTrader5] servers designed to generate false trading outcomes,” said the agency.
In parallel, Dhaval Devraj Jain allegedly operated an underground platform, LotusBook247, while accused Dharmesh Rajnikant Trivedi managed offshore entity, iBull Capital, and Nidhi Chandnani purportedly facilitated the movement and layering of funds via Dubai-based entities.
