Money Laundering Probe Leads to Seizure of Fintech Firm Linked to Betting Scam

The Enforcement Directorate’s ongoing money‑laundering investigation has uncovered a complex web of financial transactions tied to a large‑scale online betting operation. Central to the scheme is Adsam Fintech Private Limited, a company launched by Ram Y. Ramdhani, who now faces arrest under the Prevention of Money Laundering Act, 2002.

Authorities found that the illicit proceeds from the APEX‑based gaming platform were moved through a series of dummy accounts before being consolidated in Adsam Fintech’s bank accounts. These accounts were subsequently used for a variety of cyber‑fraud activities, including investment scams, task‑based fraud, digital asset manipulation, and cryptocurrency fraud involving USDT.

The financial trail revealed the use of several payment gateways—EZBJ, CashFree, PayLabs—and the Muslim Cooperative Bank’s payment infrastructure to facilitate both pay‑in and pay‑out services. Hundreds of crores were cycled through these channels, creating multiple layers that complicated detection.

Earlier raids across three major Indian cities resulted in the seizure of key documents and the freezing of roughly six million rupees. The ED’s investigation remains active, aiming to dismantle the entire network and bring all responsible parties to justice.