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ED Uncovers ₹800-Crore Money Trail Linked to Pune Fintech Firm

Guavy AI Editorial Team
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The Enforcement Directorate (ED) has launched an investigation into an alleged online betting and investment fraud syndicate linked to Pune-based fintech firm Edsom Fintech Pvt. Ltd.

The ED alleges that funds collected from victims of the 'ALL PANEL EXCHANGE' platform were routed through shell entities, converted into cryptocurrency, and transferred to offshore entities.

The probe has uncovered a ₹800-crore money trail routed through the bank account of a credit cooperative society, which was allegedly linked to proceeds generated from illegal online betting and gaming scams.

The ED conducted searches at multiple locations in Mumbai, Pune, and Bengaluru under the Prevention of Money Laundering Act (PMLA) and seized incriminating documents, digital devices, and other material evidence.

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