ED Arrested Ram U. Ramdhani Of Edsom Fintech Pvt. Ltd. In All Panel Exchange Case

ED Arrests Ram U. Ramdhani in All Panel Exchange Gaming and Cyber-Fraud Money Laundering Case

The Directorate of Enforcement (ED), Mumbai Zonal Office, has arrested Ram U. Ramdhani under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a large-scale online gaming and betting scam operated through All Panel Exchange (APX) and related cyber-fraud activities. The arrest was effected on 28 September 2026. The Hon’ble Special Court (PMLA), Mumbai, remanded him to ED custody for seven days and thereafter to judicial custody.

According to the official press release issued on 6 October 2026, the ED investigation was initiated on the basis of two First Information Reports registered regarding online gaming, betting and cyber frauds. Complainants in these cases reported being defrauded and suffering losses running into crores of rupees. The probe established that proceeds of these activities were systematically routed through multiple mule accounts before being transferred into the accounts of Edsom Fintech Pvt. Ltd., a company founded and controlled by Ram U. Ramdhani. Evidence collected during the investigation indicates that he exercised management and control over the company, its business activities and overall operations.

The Enforcement Directorate has stated that Edsom Fintech’s bank accounts were linked to a wide range of cybercrime activities. These included online gaming and betting, investment fraud, online task fraud, digital arrest scams and crypto or USDT-related frauds. Funds amounting to hundreds of crores of rupees were routed and layered through the bank accounts of Edsom Fintech Pvt. Ltd. This scale of layering points to a structured mechanism designed to obscure the origin of illicit funds and integrate them into the formal financial system.

A key finding of the investigation concerns the payment infrastructure operated by the company. Edsom Fintech provided PayIn and PayOut services through several established payment gateways, including Easebuzz, Cashfree and PineLabs, as well as through the payment channels of banks such as the Muslim Cooperative Bank. Funds generated from the gaming, betting and cyber-fraud operations were moved through multiple intermediate entities and ultimately processed via the banking and payment network of Edsom Fintech. This arrangement allowed the proceeds of crime to enter and exit the formal banking system under the cover of legitimate payment services.

The arrest of Ram U. Ramdhani followed a detailed examination of bank transaction records, statements recorded under the provisions of the PMLA, and other documentary and digital evidence gathered during the course of the investigation. The Directorate has emphasised that the evidence demonstrated both his founding role and his continuing managerial control over Edsom Fintech and its operations.

Prior to the arrest, the Enforcement Directorate conducted search operations at various premises located in Pune, Mumbai and Bengaluru. During these searches, a range of incriminating documents were recovered. In addition, an amount of approximately ₹60 lakh lying in various bank accounts was frozen. These actions formed part of the agency’s efforts to secure assets and preserve evidence linked to the alleged money-laundering activities.

The case as presented by the ED centres on the alleged misuse of a fintech entity to facilitate the movement of funds generated from illegal online gaming platforms and multiple categories of cyber-enabled fraud. All Panel Exchange is identified as the platform through which the primary gaming and betting scam was operated. The two FIRs that formed the basis of the ED’s involvement recorded substantial financial losses suffered by victims. Subsequent investigation traced the flow of those funds through layers of mule accounts into the accounts of Edsom Fintech.

The Directorate has stated that the company’s accounts became a common channel for proceeds from several distinct fraud typologies. Beyond the core online gaming and betting operations, the same infrastructure is alleged to have handled funds from investment scams, task-based online frauds, digital arrest schemes and cryptocurrency or USDT-related frauds. The cumulative volume of funds layered through these accounts is described as running into hundreds of crores of rupees, underscoring the scale of the financial network under examination.

By integrating with mainstream payment gateways and cooperative bank channels, Edsom Fintech is said to have provided a ready mechanism for both the collection (PayIn) and disbursement (PayOut) of funds linked to these activities. The ED’s analysis of these transactions, combined with statements recorded under the PMLA and supporting documentary and digital material, formed the basis for the arrest decision.

The earlier search actions across three cities yielded physical evidence and enabled the provisional freezing of ₹60 lakh. These measures are consistent with the ED’s broader mandate under the PMLA to identify, interdict and dismantle illicit financial networks. The agency has reiterated its commitment to strict enforcement of the Act and to tracing the full chain of fund movements associated with such cyber and gaming-related offences.

Further investigation in the matter remains under progress. The press release does not disclose additional details regarding other individuals or entities that may be under examination, the precise break-up of funds attributable to each category of fraud, or the status of any further provisional attachment proceedings. The public record is limited to the facts set out by the Mumbai Zonal Office: the arrest of Ram U. Ramdhani, the central role attributed to Edsom Fintech in the layering of proceeds from the All Panel Exchange-related and associated cyber frauds, the payment gateway and banking infrastructure employed, the recovery of documents and freezing of funds during earlier searches, and the continuing investigation under the Prevention of Money Laundering Act, 2002.

This case illustrates how online gaming platforms and cyber-fraud schemes can intersect with formal payment systems when intermediary entities are used to move large volumes of illicit funds. The Enforcement Directorate’s action against the founder and controller of Edsom Fintech, supported by transaction analysis, custodial remand and asset-freezing measures, represents the current stage of its effort to dismantle the identified financial network.