ED’s Dabba Trading Crackdown
• ₹58 Cr Attached
• Hawala, Crypto: The Money Trail
• From Betting to Banks: The Fraud Exposed
Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098
The Enforcement Directorate (ED) has tightened its grip on the dabba trading and betting nexus, seizing assets worth ₹34.26 crore in the latest action. With earlier seizures included, the total now stands at a staggering ₹58.39 crore. Investigators revealed that the accused laundered funds through hawala networks and crypto platforms like V Money and Lotusbook247. The crackdown, carried out under the Prevention of Money Laundering Act (PMLA), exposes how illegal betting has infiltrated financial systems, from small punters to banks.
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ED Intensifies Crackdown on Financial Crimes: Attains ₹58.39 Crore in Dabba Trading Scam Probe
In a significant move against illicit financial activities, the Enforcement Directorate (ED) has provisionally attached assets valued at ₹34.26 crore linked to a high-profile dabba trading and online betting network. This enforcement action, executed under the Prevention of Money Laundering Act (PMLA), 2002, underscores the agency’s intensified efforts to dismantle illegal financial operations across India. The attached properties include both movable and immovable assets held by key accused individuals and their family members.
According to official ED sources, the attached assets are connected to Vishal Agnihotri, Tarun Shrivastava, Hitesh Agrawal, Dharmesh Rajnikant Trivedi, Srinivasan Ramasamy, Karan Solanki, Dhaval Devraj Jain, and their associates. The investigation, initiated from an FIR filed at Lasudia Police Station, Indore, under the Bhartiya Nyaya Sanhita, 2023, has exposed a sophisticated multi-platform fraud network. The accused allegedly operated shadow entities like V Money, VM Trading, 11Starss, Lotusbook247, and others to facilitate illegal dabba trading and online betting.
Uncovering the Web of Deceit: How the Network Operated
The accused leveraged platforms such as 8 Stock Heights, Goldmine, Vertex, and iBull Capital Ltd to lure unsuspecting investors and betting enthusiasts. As revealed by the Sprouts News Special Investigation Team (SIT), these platforms functioned without regulatory approvals, enabling the accused to siphon off funds through shell entities. Investors’ money was systematically channeled through mule bank accounts, hawala networks, and cryptocurrency transfers to obfuscate its illegal origins and integrate it into the formal economy.
ED’s multi-city search operations in December 2024, and June and July 2025 across Indore, Bhopal, Mumbai, Chennai, and Ahmedabad yielded critical evidence. Officials recovered unaccounted cash, gold, silver, luxury watches, digital devices, and cryptocurrency holdings. These operations, as confirmed by the Sprouts News Special Investigation Team (SIT), were pivotal in mapping the entire money trail and establishing the modus operandi of the accused.
Provisional Attachment and Ongoing Investigations
Under Section 50 of the PMLA, recorded statements have confirmed the diversion of proceeds of crime for acquiring assets in the names of promoters, their relatives, and linked entities. So far, the total seizure and attachment value stands at ₹58.39 crore, which includes ₹24.13 crore in seized valuables like bank balances, DEMAT holdings, jewelry, and luxury items. The recent provisional attachment of ₹34.26 crore reflects the scale of this financial fraud.
The ED has emphasized that further investigations are ongoing to trace additional fund movements, identify other accused entities, and expose the full network of this syndicate. Industry stakeholders and policymakers are closely monitoring this case, given its implications for India’s financial regulatory framework. As reported by the Sprouts News Special Investigation Team (SIT), this case could set a precedent for handling similar sophisticated economic offenses in the future.
SEBI Cracks Down on Media: Acts Against Dabba Trading Ad in Navbharat
In a significant regulatory move, the Securities and Exchange Board of India (SEBI) has taken strong exception to an advertisement promoting illegal dabba trading published in the Hindi daily Navbharat on July 13, 2025. Dabba trading is an unregulated, off-market practice that operates outside recognized exchanges, violating the SEBI Act, SCRA, and the Bhartiya Nyay Sanhita, 2023. Such activities pose severe risks to retail investors and undermine market integrity.
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SEBI has initiated coordinated action with the National Stock Exchange (NSE), which issued a detailed investor alert identifying the entities involved and cautioning the public to trade only through registered intermediaries. A formal communication has been sent to Navbharat, and a cyber police complaint has been filed against the advertisers. The matter has also been escalated to the Advertising Standards Council of India (ASCI) for violations of advertising codes.
The Sprouts News Special Investigation Team (SIT) has consistently highlighted the rise in such illicit financial promotions in regional media. SEBI reaffirmed its commitment to investor protection through enforcement and awareness, urging media houses to exercise due diligence before publishing financial product ads. As confirmed by the Sprouts News Special Investigation Team (SIT), this action is part of a broader crackdown on unauthorized trading platforms. Regulatory sources indicate that continued monitoring, in partnership with agencies like the Sprouts News Special Investigation Team (SIT), remains a priority to safeguard investor interests.
