In a major crackdown on illegal financial activities, the Enforcement Directorate (ED) has launched a wide-ranging operation targeting dabba trading and unauthorized online betting platforms. The operation, which spanned across multiple metropolitan cities including Mumbai, Delhi, Ahmedabad, and Indore, has unearthed significant evidence of financial irregularities and violations of the Prevention of Money Laundering Act (PMLA).
The ED's raids were triggered by an FIR filed in Indore, which served as the foundation for registering a case under PMLA. Acting on specific intelligence, the agency carried out simultaneous search operations across these four cities. Mumbai witnessed the most intense activity, with raids conducted at four different locations on the same day.
According to sources familiar with the operation, the ED has recovered approximately ₹5 crore in cash during the raids. In addition to the huge cash seizure, foreign currencies, luxury watches, high-end vehicles, and even currency counting machines were confiscated from the premises linked to the accused.
The crackdown primarily targeted owners and beneficiaries of several mobile applications that were allegedly facilitating both dabba trading and online betting. These apps, running under names like Vmoney, VMsed, iBul Capital, Lotus Book 11, Stars Game, and Bet League, were enabling unregulated trading in stock and commodities markets, as well as betting activities — both of which fall outside the ambit of legal financial operations in India.
ED sources further revealed that a total of ₹3.5 crore in unaccounted cash was recovered specifically from the owners of these mobile applications. These apps were found to be acting as intermediaries for illegal market transactions and online betting games, channeling untraceable money through dubious means.
The operation also brought into focus the ease with which these platforms were able to run their services, bypassing regulatory oversight. The ED’s investigation showed that transactions on these platforms often mimicked real-time stock or commodity trades, but were not reported through any formal exchange or government-regulated body.
Officials clarified that the Indian government has not legalized online betting, and any such operations conducted outside the legal framework are subject to investigation and strict penalties. Similarly, dabba trading — which involves off-the-record transactions that avoid taxes and regulatory scrutiny — remains a punishable offense under multiple financial and securities laws.
The ED's action aims to send a strong message to those involved in these underground trading and betting networks. By targeting the financial backbone of such operations, including bank accounts and other assets, the agency seeks to dismantle the entire ecosystem supporting these illegal platforms.
Luxury goods seized during the raids, including premium watches and foreign-branded vehicles, further indicate the scale of profits generated through these unlawful channels. The use of foreign currency in many transactions has also triggered concerns regarding potential links to cross-border money laundering.
While investigations are ongoing, this development marks one of the most comprehensive enforcement actions against illegal financial practices in recent months. The ED is expected to continue tracing the money trail to expose the full extent of the network behind these operations.
This sweeping move is aligned with the government’s broader crackdown on financial crimes, cyber fraud, and unauthorized trading activities. Authorities emphasize the need for stronger digital oversight and regulatory reforms to prevent similar exploitations of technology-driven platforms in the future.
As this high-profile case unfolds, the ED's actions have put the spotlight back on illegal dabba trading networks and the pressing need to curtail the growing menace of online betting apps operating outside the legal framework.
Disclaimer:
This article is based on current news reports and information provided by official sources. All facts are reported as available at the time of writing. Further developments may alter the current understanding of the situation.
