Quasi-two-dimensional Mott insulators based on BEDT-TTF molecules have recently demonstrated a variety of exotic states, which originate from electron–electron correlations and geometrical frustration of the lattice. Among those states are a triangular S = 1/2 spin liquid and quantum dipole liquid. In this article, we show the power of Raman scattering technique to characterize magnetic and electronic excitations of these states. Our results demonstrate a distinction between a spectrum of magnetic excitations in a simple Mott insulator with antiferromagnetic interactions, and a spectrum of an insulator with an additional on-site charge degree of freedom.