Hyderabad: Multiple mule accounts at the Jubilee Hills Mercantile Cooperative Bank were allegedly used to route funds generated through illegal online betting and cyber fraud before the money was transferred to shell entities and a Bengaluru-based cooperative society, the Enforcement Directorate (ED) has found.
The searches resulted in the seizure of documents and the freezing of approximately ₹9 crore across multiple bank accounts. The investigation, linked to the All Panel Exchange (APX) online gaming and betting platform, revealed that hundreds of crores of rupees were routed through a cooperative society’s bank account, with a substantial portion allegedly linked to proceeds of crime.
Hyderabad bank accounts under scanner According to the ED, the funds were initially routed through multiple mule accounts at the Hyderabad-based cooperative bank and later transferred to various shell entities. The ED alleged that Dash used the cooperative society’s KYC documents and fabricated records to open a cryptocurrency account. Investigators found that hundreds of crores of rupees were routed through the society’s bank account, including substantial funds allegedly generated through illegal gaming and betting platforms involved in cyber fraud. Further investigation is underway. You Can Also Check: Gold Rate in Hyderabad | Silver Rate in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Hyderabad AQI | Weather in Hyderabad | Petrol Price in Hyderabad | Diesel Price in Hyderabad | CNG Price in Hyderabad | LPG Price in Hyderabad
The ED had earlier arrested Ram U Ramdhani, CEO of Edsom Fintech, in connection with the case.