ED Conducts Multi-City Searches Linked To Sontu Jain, Rajesh Rajdev; Seizes ₹30 Lakh Cash, Freezes Assets Worth Crores
· Free Press Journal
Mumbai, August 21, 2026: The Enforcement Directorate (ED) on Tuesday conducted coordinated searches across 12 premises in Nagpur, Gondia and Ahmedabad in connection with a money-laundering probe into an alleged online gaming and betting fraud. The investigation involves platforms such as Diamondexchange.com, Wolf777.com, World777.com, Diamondexch, Indianexch and Lotusbook.
The searches were carried out by the ED’s Nagpur Sub-Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), targeting key accused Anant Navratran Jain, alias Sontu Jain, and his associates. According to law-enforcement findings, Jain and Rajesh Rajdev are partners in the “Diamond Exchange” betting app, which is a pool of several betting applications.
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Jain allegedly handled the application’s operations and was also linked to the hawala channel used to move betting proceeds. Officials claimed that both are linked to a massive cross-border online betting and money-laundering syndicate. Law-enforcement agencies have found direct operational and financial links between the platform and Rajesh Rajdev, who has been identified as a key figure behind several major illegal betting applications in the international tier.
Searches Yield Cash And Assets
During the searches, the ED seized Rs 30.30 lakh in cash and froze more than 100 bank accounts, mutual funds and shares with a combined value of around Rs 5 crore. Two bank lockers and three luxury vehicles valued at approximately Rs 1.70 crore were also secured.
The agency also seized 11 mobile phones and a laptop containing suspected digital evidence relating to the alleged gaming operations and financial transactions. Documents relating to immovable properties valued at around Rs 16.50 crore were also recovered.
The searches, the ED said, yielded financial and digital evidence that could help establish the alleged generation, concealment, layering and use of proceeds of crime generated through the betting operations.
FIR And Alleged Modus Operandi
According to the ED, the investigation stems from an FIR registered against Jain and others by the Cyber Crime Police Station in Nagpur City, under relevant provisions of the IPC and the Information Technology Act.
According to the modus operandi unearthed by ED, Jain allegedly lured the complainant into online gaming by promising high returns within a short period. The complainant was provided links to betting platforms including Diamondexch, Indianexch, Lotusbook and World777, and was repeatedly persuaded to make further deposits despite incurring losses.
The ED alleged that the gaming platforms were manipulated to prevent users from winning. Whenever the complainant allegedly approached a winning position, technical errors or glitches were triggered, resulting in the loss of his purported winnings. The ED alleged that the scheme resulted in the complainant being defrauded of around Rs 58.42 crore.
Funds Traced Through Mule Accounts
The agency has also traced the alleged proceeds through a network of bank accounts and cash channels. According to the agency, the complainant was directed to make payments either in cash through designated couriers, using hawala-style “token” currency notes for identification and reconciliation, or through bank transfers to designated “agent accounts” allegedly nominated by Jain.
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ED Searches Mumbai, Thane In ₹113-Crore MTC Cryptocurrency Fraud CaseSeveral such mule accounts held in the names of different individuals and entities were used to receive and layer the proceeds, the agency said. Analysis of these accounts allegedly revealed transactions involving several crores of rupees, with funds allegedly withdrawn in cash or remitted abroad under the guise of bogus import payments.
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