India, Nov. 1 -- The Enforcement Directorate (ED) has arrested Armstrong Exchange founder Sagar Dash in connection with an alleged online gaming and betting scam.

In a statement, ED said that Dash was arrested on October 27 under the Prevention of Money Laundering Act (PMLA), 2002. A special PMLA court in Mumbai has now remanded Dash to ED custody for three days.

The directorate said that the probe was initiated after three FIRs were filed in connection with online betting and cyber fraud involving All Panel Exchange (APX). Afterwards, the ED began probing the operations of APX and related financial transactions.

The agency subsequently uncovered an alleged network of mule accounts and shell entities, which were used to route proceeds ...