The ED is probing ₹958.66 crore received in 11 accounts linked to Pune-based Edsom Fintech, including ₹341.66 crore through payment gateways. Arrested accused Ram Ramdhani was remanded to ED custody till October 3 as the agency traces alleged parking and layering of proceeds and transfers to other entities and shell companies.

The ED is tracing an alleged money-laundering trail involving multiple accounts and entities linked to a Pune-based fintech firm | AI Generated Image

Mumbai, October 1, 2026: The Enforcement Directorate (ED) is probing transactions worth Rs 958.66 crore received in 11 accounts linked to Pune-based Edsom Fintech Pvt Ltd. The agency claims Rs 341.66 crore was received through payment gateways.

ED Arrests Alleged Mastermind

The ED has arrested Ram Ramdhani, allegedly the mastermind and primary beneficiary of the money laundering scheme. The Special PMLA Court remanded him to ED custody till October 3, observing that investigation was needed to trace and ascertain the further parking and layering of proceeds of crime exceeding Rs 958.66 crore.

ED prosecutors Arvind Aghav and Rishabh Shukla said bank accounts linked to Edsom Fintech were identified during the investigation.

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The agency claimed the accounts were used simultaneously to collect money from victims, with multiple small transactions pooled in several accounts before being transferred onward.

Shell Companies Under Scanner

The ED further alleged that substantial amounts were transferred to other entities and shell companies, including SB Finwealth Services Pvt Ltd, Marudhar Timber Pvt Ltd and Perento Dispositions Pvt Ltd. According to the agency, these companies had no genuine business and were subjects of several cybercrime complaints.

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Defence Disputes Alleged Links

Ramdhani’s lawyer, Sumitkumar Nimbalkar, argued that the iPaisa platform was a third-party merchant trading platform and had no connection with the CloudS/Cloudcity platform.

He also said Ramdhani had no connection with companies sold to Siddhesh Bohara in March 2025 or Venketlaxmi Urban Pune Nidhi Ltd in 2023.

He said the platform had no connection with CloudS/Cloudcity, the companies sold to Siddhesh Bohara in March 2025, or Venketlaxmi Urban Pune Nidhi Ltd in 2023, according to his submissions.

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