Mumbai: The Enforcement Directorate (ED) has arrested Bager Dutt, owner of Antrang Exchange Pvt Ltd, over allegations that his company helped channel proceeds generated through illegal online gambling, betting operations and cyber fraud networks.
According to the agency, hundreds of crores of rupees were allegedly transferred through a network of cooperative bank accounts and shell entities to conceal the origin of the funds. The investigation is linked to online betting platforms operating under All Panel Exchange (40) and associated cybercrime activities.
The ED’s probe began following multiple First Information Reports (FIRs) registered in connection with illegal gambling, betting and cyber fraud. Investigators suspect that money collected through these activities was initially deposited into several accounts held at Jubilee Hills Mercantile Cooperative Bank in Hyderabad.
The funds were subsequently transferred to an account belonging to Antrang Exchange Pvt Ltd, maintained with Nipetshikar Credit Cooperative Society in Bengaluru. The company was reportedly established by Dutt.
The agency further alleged that Dutt used forged Know Your Customer (KYC) documents and fabricated records to open a cryptocurrency account through Nagarbhavi Credit Cooperative Society. A substantial portion of the money passing through the banking network was allegedly linked to illegal betting proceeds and cyber fraud.
As part of the investigation, the ED conducted searches across multiple locations in Pune, Mumbai, Bengaluru, Hyderabad, Surat and Malur in Gujarat. The searches reportedly resulted in the seizure of several materials relevant to the case.
The agency also arrested U Ramdhani, chief executive officer of Ethom Fintech Pvt Ltd, in connection with the investigation. Further inquiries are underway to establish the complete financial trail and identify other individuals and entities allegedly involved in the network.
