Mumbai, Oct 6 (SocialNews.XYZ) The Enforcement Directorate (ED), Mumbai Zonal Office, arrested Ram U Ramdhani, Founder and CEO of Pune-based Edsom Fintech Pvt Ltd, on September 28 under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an online gaming and betting scam operated through All Panel Exchange (APX) and related cyber-fraud activities, the agency said in a statement on Tuesday.
Special Court (PMLA), Mumbai, remanded him to ED custody for seven days before placing him in judicial custody. The agency initiated the investigation based on two FIRs registered regarding online gaming, betting and cyber frauds in which complainants were defrauded of crores of rupees, it said.
ED probe revealed that the proceeds were routed through multiple mule accounts and subsequently transferred to Edsom Fintech Pvt Ltd, a company founded and controlled by Ramdhani. Evidence gathered shows he exercised management and control over the company’s business activities and overall operations.
Investigation further established that Edsom Fintech’s bank accounts were linked to multiple cybercrime activities, including online gaming, investment fraud, online task fraud, digital arrest scams and crypto/USDT-related frauds. Funds amounting to hundreds of crores were routed and layered through the company’s bank accounts.
Edsom Fintech provided pay-In/pay-out services through various payment gateways such as Easebuzz, Cashfree and PineLabs, as well as payment channels of banks including Muslim Cooperative Bank. Funds related to the gaming, betting and cyber-fraud activities were channelled through multiple entities and ultimately through Edsom Fintech’s banking and payment network.
The arrest followed detailed analysis of bank transactions, statements recorded under PMLA, and other documentary and digital evidence.
Earlier, ED conducted searches at various premises in Pune, Mumbai and Bengaluru. During these operations, incriminating documents were recovered and approximately Rs 60 lakh lying in various bank accounts was frozen.
The Enforcement Directorate stated it remains committed to tracing and dismantling illicit financial networks and ensuring strict enforcement of the PMLA, 2002. Further investigation in the case is under progress.
Source: IANS
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