ED Probes ₹958.66-Crore Transactions Linked To Pune Firm Edsom Fintech

The Enforcement Directorate (ED) in India is investigating a series of transactions totaling ₹958.66 crore associated with Pune-based fintech company Edsom Fintech Pvt Ltd. The probe focuses on 11 accounts linked to the firm, with Rs 341.66 crore of the total amount transferred through payment gateways. ED officials claim that these accounts were utilized for collecting money from victims, with smaller transactions amalgamated across multiple accounts before further distribution. The agency has identified bank accounts connected to Edsom Fintech as part of their investigation.

Ram Ramdhani, a key figure in the case, has been apprehended by the ED and is currently in custody at Special PMLA Court. He is believed to be the mastermind and primary beneficiary of the money laundering scheme. The court has ordered his detention until October 3, pending further investigation into the flow and concealment of the illicit proceeds exceeding ₹958.66 crore.

Prosecutors Arvind Aghav and Rishabh Shukla stated that the ED uncovered these accounts during their investigation, which revealed that the firm utilized them to gather funds from victims. Subsequently, these funds were dispersed through a series of smaller transactions across various accounts before being redirected elsewhere.

In addition to the primary target, the ED has also scrutinized other entities and shell companies potentially involved in the scheme. These include SB Finwealth Services Pvt Ltd, Marudhar Timber Pvt Ltd, and Perento Dispositions Pvt Ltd. The agency contends that these companies lack genuine business operations and have been subjects of numerous cybercrime complaints.

Ramdhani's legal counsel, Sumitkumar Nimbalkar, argued that the iPaisa platform, a third-party merchant trading platform, had no connection to the CloudS/Cloudcity platform implicated in the investigation. He further contended that Ramdhani had no ties to the companies subsequently sold to Siddhesh Bohara in March 2025 or Venketlaxmi Urban Pune Nidhi Ltd in 2023. Nimbalkar maintained that the platform was entirely separate from CloudS/Cloudcity, the entities transacted with, and Venketlaxmi Urban Pune Nidhi Ltd.