India, Oct. 31 -- The Enforcement Directorate's Mumbai zonal unit has arrested Sagar Dash, owner of Armstrong Exchange Private Limited, in a money laundering investigation linked to alleged online gaming and betting fraud conducted through All Panel Exchange (APX) and related cyber scams.

The ED alleges that Armstrong Exchange was used to launder proceeds of crime generated through the illegal gaming and betting operations, with hundreds of crores of rupees allegedly routed through cooperative bank accounts and shell entities.

The investigation was initiated on the basis of three FIRs registered in connection with online gaming and betting activities and cyber frauds, in which complainants allegedly suffered losses running into crores o...