Radar / Other
Armstrong Exchange Pvt Ltd (Sagar Dash) / Nagarbhavi Credit Cooperative Society
Other India
Reviewed 2026-11-02
Our verdict
High risk
We found serious problems with this provider.
- The ED (Mumbai Zonal Office-II) arrested founder Sagar Dash on 27 Oct 2026 under the PMLA, and a Special PMLA Court in Mumbai remanded him to three days of ED custody. …
- No financial-services licence or register entry found for Armstrong Exchange Pvt Ltd. Media describe it as registered in the wholesale and retail trade category, while …
- Sagar Dash is named in media and ED statements as founder of Armstrong Exchange Pvt Ltd. No company-register filing listing directors or shareholders was found, so …
What should I do?
- Do not send money, card details or ID documents.
- If you already paid: contact your bank or card issuer at once and ask for a chargeback.
- Report the provider to your financial regulator or the police.
Based on public sources at the date of review. Not a finding that the company acted unlawfully; the company can respond below.
Questions about Armstrong Exchange Pvt Ltd (Sagar Dash) / Nagarbhavi Credit Cooperative Society
Is Armstrong Exchange Pvt Ltd (Sagar Dash) / Nagarbhavi Credit Cooperative Society licensed?
Partly or unclear. No financial-services licence or register entry found for Armstrong Exchange Pvt Ltd. Media describe it as registered in the wholesale and retail trade category, while it is alleged to have handled crypto payouts. Company-register (MCA) data could not be verified.
Has a regulator taken action against Armstrong Exchange Pvt Ltd (Sagar Dash) / Nagarbhavi Credit Cooperative Society?
The ED (Mumbai Zonal Office-II) arrested founder Sagar Dash on 27 Oct 2026 under the PMLA, and a Special PMLA Court in Mumbai remanded him to three days of ED custody. The probe stems from three FIRs; the ED earlier froze about Rs 9 crore. These are criminal proceedings at an early stage, with no conviction reported.
Who owns Armstrong Exchange Pvt Ltd (Sagar Dash) / Nagarbhavi Credit Cooperative Society?
Sagar Dash is named in media and ED statements as founder of Armstrong Exchange Pvt Ltd. No company-register filing listing directors or shareholders was found, so ownership could not be verified from a primary source.
Is Armstrong Exchange Pvt Ltd (Sagar Dash) / Nagarbhavi Credit Cooperative Society safe to use?
RatEx42 rates Armstrong Exchange Pvt Ltd (Sagar Dash) / Nagarbhavi Credit Cooperative Society Red as of 2026-11-02: RatEx42 found serious concerns in public sources. The signal is an assessment of public information, not a finding of unlawful conduct and not advice. Always check the licence in the official register yourself.
Answers are generated from this profile (reviewed 2026-11-02). Sources are linked in “The full check” below.
About
India's Enforcement Directorate (ED) says it arrested Sagar Dash, founder of Bengaluru-based Armstrong Exchange Pvt Ltd, on 27 Oct 2026 under the PMLA in a probe into online betting and cyber fraud linked to All Panel Exchange (APX); a Mumbai special court remanded him to three days of ED custody. The ED alleges fabricated documents and KYC details linked to Nagarbhavi Credit Cooperative Society (Bengaluru) were used to open a crypto account, and that hundreds of crores passed through the society's nodal account maintained for Armstrong Exchange. Media describe the company as registered in the wholesale and retail trade category. Nagarbhavi Credit Cooperative Society and Edsom Fintech (whose CEO was arrested earlier in the same probe) have also been reported as under ED scrutiny. All of this is allegation as reported; no conviction has been reported, and the role of the cooperative society is described differently across reports. No financial-services licence, company-register entry or website for Armstrong Exchange was found.
Read more
India's Enforcement Directorate (ED) says it arrested Sagar Dash, founder of Bengaluru-based Armstrong Exchange Pvt Ltd, on 27 Oct 2026 under the PMLA in a probe into online betting and cyber fraud linked to All Panel Exchange (APX); a Mumbai special court remanded him to three days of ED custody. The ED alleges fabricated documents and KYC details linked to Nagarbhavi Credit Cooperative Society (Bengaluru) were used to open a crypto account, and that hundreds of crores passed through the society's nodal account maintained for Armstrong Exchange. Media describe the company as registered in the wholesale and retail trade category. Nagarbhavi Credit Cooperative Society and Edsom Fintech (whose CEO was arrested earlier in the same probe) have also been reported as under ED scrutiny. All of this is allegation as reported; no conviction has been reported, and the role of the cooperative society is described differently across reports. No financial-services licence, company-register entry or website for Armstrong Exchange was found.
The full check
🪪LicenceLicensing & registrationCaution
No financial-services licence or register entry found for Armstrong Exchange Pvt Ltd. Media describe it as registered in the wholesale and retail trade category, while it is alleged to have handled crypto payouts. Company-register (MCA) data could not be verified.
👥Who owns itOwnership & controlCaution
Sagar Dash is named in media and ED statements as founder of Armstrong Exchange Pvt Ltd. No company-register filing listing directors or shareholders was found, so ownership could not be verified from a primary source.
🏦Where your money goesBanking & payment chainCaution
The ED alleges funds moved from mule accounts at Jubilee Hills Mercantile Cooperative Bank (Hyderabad) through shell entities into a nodal account at Nagarbhavi Credit Cooperative Society (Bengaluru) held for Armstrong Exchange, then into crypto. Reports also say Edsom Fintech arranged pay-in/pay-out services with Muslim Cooperative Bank (Pune) and Nagarbhavi Credit Cooperative Society. These are allegations; the regulatory status of the chain was not verified.
⚖️Regulator actionsRegulatory actionsProblem
The ED (Mumbai Zonal Office-II) arrested founder Sagar Dash on 27 Oct 2026 under the PMLA, and a Special PMLA Court in Mumbai remanded him to three days of ED custody. The probe stems from three FIRs; the ED earlier froze about Rs 9 crore. These are criminal proceedings at an early stage, with no conviction reported.
📰News & reputationAdverse media & OSINTCaution
Multiple Indian outlets report the ED's allegations of laundering hundreds of crores of illegal betting proceeds via mule accounts, shell entities and crypto, using fabricated KYC. All reports rely on the ED statement; no conviction reported.
- Inc42 2026-11-01
- Hyderabad Mail 2026-11-01
- The420.in 2026-11-02
- Free Press Journal 2026-10-31
💬Customer experienceCustomer conductNot checked yet
Not yet assessed.
How we rate: methodology.
Similar providers
People & network
People (public registers)
- Sagar Dash · Founder of Armstrong Exchange Pvt Ltd (as named by ED/media; not verified in company register) · source
Version history
- 2026-11-02 Red signal Automated re-check: enforcement: unknown → red – ED arrest of founder under PMLA on 27 Oct 2026 and Special Court remand are criminal proceedings (OrissaPOST/IANS, Inc42)
- 2026-11-02 Amber signal Automated profile created from public sources
Are you Armstrong Exchange Pvt Ltd (Sagar Dash) / Nagarbhavi Credit Cooperative Society?
Want to manage this profile – logo, contact details, your statement and a report to share with partners? Claim this profile → Responding below stays free of charge.
You can respond to this profile at any time, free of charge: send a statement for publication or ask us to correct a fact. Please include sources. We review every request and record the outcome.