4 hrs ago
ED Probes ₹958.66 Crore Transactions Linked To Pune Fintech
The Enforcement Directorate is investigating a large money trail connected to a Pune fintech company.
It says nearly ₹959 crore moved through 11 related bank accounts.
About ₹342 crore allegedly came through payment gateways.
Investigators say many small payments were collected and combined before being sent elsewhere.
They also suspect that some money went to companies without genuine businesses.
Ram Ramdhani was arrested because the agency calls him the alleged mastermind and main beneficiary.
A court allowed the ED to keep him in custody until October 3, 2026.
His lawyer denies that the iPaisa platform was connected to the CloudS or Cloudcity platform.
The lawyer also disputes Ramdhani’s alleged links to other companies mentioned by the agency.
The Enforcement Directorate is probing ₹958.66 crore received in 11 accounts linked to Edsom Fintech.
The agency says ₹341.66 crore entered the accounts through payment gateways.
Ram Ramdhani was arrested as the alleged mastermind and primary beneficiary of the scheme.
The ED alleges funds were pooled, transferred onward and routed through shell companies.
Ramdhani’s lawyer disputes alleged links between the iPaisa platform and the investigated entities.
- Who
- The Enforcement Directorate, Ram Ramdhani, and Ramdhani’s lawyer Sumitkumar Nimbalkar are central to the report.
- What
- The ED is investigating alleged money laundering involving ₹958.66 crore in transactions linked to Edsom Fintech Pvt Ltd.
- Where
- The investigation involves a Pune-based firm and proceedings before a Special PMLA Court in Mumbai.
- When
- The report is dated October 1, 2026; Ramdhani was remanded to ED custody until October 3, 2026.
- Why
- The ED says it is tracing the alleged parking, layering and onward transfer of proceeds of crime.
ED’s allegations
Defence’s response
Role of Ram Ramdhani
ED’s allegations
The ED describes Ram Ramdhani as the alleged mastermind and primary beneficiary of the money-laundering scheme.
Defence’s response
The defence disputes the alleged links involving Ramdhani and the entities identified in the investigation.
Use of accounts and companies
ED’s allegations
The ED alleges that 11 accounts collected victims’ money, pooled small transactions and transferred funds onward to entities and shell companies without genuine business.
Defence’s response
The defence says the iPaisa platform was a third-party merchant trading platform and was not connected to the CloudS or Cloudcity platform.
Links to other entities
ED’s allegations
The agency says companies including SB Finwealth Services, Marudhar Timber and Perento Dispositions were linked to the alleged proceeds and had faced cybercrime complaints.
Defence’s response
Ramdhani’s lawyer says he had no connection with companies sold to Siddhesh Bohara in March 2025 or with Venketlaxmi Urban Pune Nidhi Ltd in 2023.
Key facts
- Firm under investigation
- Edsom Fintech Pvt Ltd, based in Pune
- Transactions investigated
- ₹958.66 crore received in 11 linked accounts
- Payment-gateway receipts
- ₹341.66 crore, according to the ED
- Arrested person
- Ram Ramdhani, described by the ED as the alleged mastermind and primary beneficiary
- Custody order
- ED custody until October 3, 2026
- Companies named by ED
- SB Finwealth Services Pvt Ltd, Marudhar Timber Pvt Ltd and Perento Dispositions Pvt Ltd
- Defence position
- Ramdhani’s lawyer says iPaisa had no connection with CloudS or Cloudcity and disputes other alleged links
Sources
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