MUMBAI: Mumbai Police have launched a parallel investigation into the alleged network of mule bank accounts being used to route funds generated through online gaming, betting and cyber fraud activities, with investigators examining the financial trail and the alleged role of individuals named in a recent complaint, including Samundar Singh Rathod and Mukesh Jain.The parallel probe comes amid an ongoing Enforcement Directorate (ED) investigation into the alleged online betting network linked to All Panel Exchange (APX) and MGM91.The ED has been examining the use of mule bank accounts, shell companies and payment intermediaries to collect and layer proceeds generated through online betting and cyber fraud.Sources said Mumbai police have began investigation as many of these mule accounts identified by the ED are common in their investigations.The city crime branch has busted a major international cyber fraud and money laundering syndicate, arresting 12 members who were allegedly operating from a sea-facing villa in Calangute, Goa.Investigators suspect the syndicate laundered more than Rs 500 crore of cyber fraud proceeds to handlers based in Dubai using mule bank accounts and SIM cards.The parallel Mumbai Police investigation could help establish the local banking and operational links of the alleged network, while the ED continues to investigate the suspected money-laundering trail.A complaint filed by activist Santosh Gholap before eight central agencies has sought a detailed financial investigation into the alleged network and named Rathod and Jain, among others.The complaint has alleged that several bank accounts and UPI IDs were being used to facilitate betting transactions and route funds through multiple entities.Mumbai Police are examining the alleged use of bank accounts as conduits for online gaming and betting transactions, including the movement of funds through multiple accounts and the identities of the actual beneficiaries.The investigation is expected to focus on the account holders, operators facilitating the transactions and the financial links between different entities.According to the complaint, mule accounts were allegedly operated through small offices in Mumbai, Pune, Goa, Delhi and Bengaluru. It has also sought scrutiny of 17 bank accounts and 46 individuals, besides claiming to possess details of around 20,442 casino players.The ED, meanwhile, had conducted searches at 20 premises across Mumbai, Pune, Mehsana, Surat and Hyderabad on October 13 as part of its money-laundering investigation.The agency has found that more than 200 shell and front companies were allegedly onboarded through Pune-based Edsom Fintech’s iPaisa payment platform to facilitate transactions linked to online betting and cyber fraud operators.Investigators suspect that funds were routed through multiple mule accounts before being transferred through disguised trade transactions, cash withdrawals and cryptocurrency channels.Edsom Fintech founder Ram U Ramdhani has been arrested in the case.
