Bengaluru, Feb 19 (IANS) The Enforcement Directorate (ED) in Bengaluru has seized assets worth Rs 590 crore from Winzo Pvt. Ltd. and its subsidiary, Zo Pvt. Ltd. under Section 37A of the Foreign Exchange Management Act, 1999. The action followed suspected violations of Section 4 of FEMA, according to an official statement released Thursday.According to the ED, the seized assets include bank accounts, fixed deposits, mutual funds, and bonds linked to the companies.The ED stated: “Winzo is enga…
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Bengaluru, Feb 18 (IANS) The Enforcement Directorate (ED), Bengaluru Zonal Office, has provisionally attached movable properties — balance in the foreign bank accounts, maintained in the USA and Singapore, amounting to USD 55.69 Million (Rs 505 crore), held in the names of overseas shell companies operated and controlled by one Paavan Nanda and Saumya Singh Rathore, under Public Money Laundering Act (PMLA), an official statement said on Wednesday. The company is accused of using artificial or a…
Bangaluru, Jan 25 (IANS) The ED filed a chargesheet in a Special Court (PMLA) against Winzo, a company in the business of hosting Real Money Games (RMG) through its mobile application, for cheating and money laundering, an official said on Sunday. The Directorate of Enforcement (ED), Bengaluru Zonal Office, filed the chargesheet on January 23 before the Special Court under the provisions of the Prevention of Money Laundering Act, 2002, said a statement.The ED filed the chargesheet against Winzo …
Bengaluru, Jan 1 (IANS) The Directorate of Enforcement (ED), Bengaluru Zonal Office, has frozen Proceeds of Crime (PoC) worth approximately Rs 192 crore held by ZO Games Pvt Ltd, a wholly-owned Indian subsidiary of WinZo Pvt Ltd, in connection with an online real money gaming scam.The official statement released by the ED, Bengaluru Zonal Office stated on Thursday, “The ED has conducted a search operation at the office premises of the accounting firm for Winzo Pvt Limited under Section 17 of the…