Home / Crime and Justice / ED Nabs Armstrong Exchange Founder Over ₹9 Cr Fraud
ED Nabs Armstrong Exchange Founder Over ₹9 Cr Fraud
1 Nov
Summary
- Armstrong Exchange founder Sagar Dash arrested by ED on Oct 27.
- Probe began after FIRs on online betting and cyber fraud.
- ED froze ₹9 Cr across bank accounts after six location searches.
Sagar Dash, the founder of Armstrong Exchange, was arrested by the Enforcement Directorate (ED) on October 27. The arrest is linked to an alleged online gaming and betting scam. This action followed the ED's initiation of a probe based on three FIRs regarding online betting and cyber fraud involving All Panel Exchange (APX).
The agency uncovered a network of mule accounts and shell entities used to funnel hundreds of crores in illicit funds. Dash allegedly used fabricated documents to open a cryptocurrency account via Nagarbhavi Credit Cooperative Society in Bengaluru. Proceeds from illegal gaming and betting platforms were routed through this society's account.
Further investigation revealed that initial transactions involved Jubilee Hills Mercantile Cooperative Bank in Hyderabad, with funds then transferred to shell entities. The ED’s recent searches in Pune, Mumbai, Bengaluru, Hyderabad, Surat, and Mehsana led to the freezing of nearly ₹9 Cr. Ram U Ramdhani, CEO of Edsom Fintech Pvt Ltd, was also arrested as part of this ongoing money laundering investigation.