India, Oct. 18 -- The Enforcement Directorate (ED) has searched 20 premises across Mumbai, Pune, Mehsana, Surat and Hyderabad as part of a money-laundering probe into alleged fraud linked to online betting platforms All Panel Exchange and MGM91. The agency is investigating how money deposited by victims was allegedly routed through more than 200 shell entities and mule bank accounts before being siphoned off through disguised trade payments, cash withdrawals and cryptocurrency.

The searches were conducted by the ED's Mumbai zonal unit under the Prevention of Money Laundering Act (PMLA), 2002. The case stems from two predicate offences in which complainants were allegedly induced to deposit money on the betting platforms and were subseque...