{
  "id": 17469142,
  "title": "ED Arrests Armstrong Exchange Founder Over Alleged Online Betting Scam",
  "url": "https://urgent.news/2026/10/31/ed-arrests-armstrong-exchange-founder-over-alleged-online-betting-scam",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-31T20:22:27.000Z",
  "source": {
    "name": "Inc42",
    "slug": "inc42",
    "url": "https://inc42.com/buzz/ed-arrests-armstrong-exchange-founder-over-alleged-online-betting-scam/"
  },
  "original_language": "en",
  "account": "The Enforcement Directorate (ED) has arrested Sagar Dash, founder of Armstrong Exchange, in connection with an alleged online betting and gaming scam. ED initiated the probe after receiving three FIRs related to online betting and cyber fraud involving All Panel Exchange (APX). The agency uncovered a network of mule accounts and shell entities, allegedly used to route proceeds of crime worth hundreds of crores. Dash is accused of using fabricated documents and KYC details of an account held for Armstrong Exchange Pvt Ltd, set up by him, to open a cryptocurrency account with Nagarbhavi Credit Cooperative Society. The ED claims that hundreds of crores were routed through Nagarbhavi Credit Cooperative Society's bank account, with significant amounts traced back to illegal gaming and betting platforms. The proceeds of crime were initially transferred through multiple mule accounts at Jubilee Hills Mercantile Cooperative Bank in Hyderabad, then to various shell entities, and moved to a nodal account at Nagarbhavi Credit Cooperative Society in Bengaluru. The ED is continuing its investigation to trace the financial network and identify other entities involved. This arrest follows searches conducted across multiple cities, resulting in the seizure of incriminating documents and freezing of nearly ₹9 Cr in cash.",
  "summary": "The Enforcement Directorate (ED) has arrested Armstrong Exchange founder Sagar Dash in connection with an alleged online gaming and betting…",
  "key_points": [
    "ED arrests Armstrong Exchange founder Sagar Dash.",
    "Investigation linked to alleged online betting scam.",
    "₹9 Cr seized, proceeds traced to illegal gaming platforms."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}