The Enforcement Directorate (ED) has taken significant steps in its investigation of the real-money gaming platform Winzo. The agency has provisionally attached overseas bank balances totaling approximately Rs 505 crore (around $62 million) in the United States and Singapore. This move is part of an ongoing money laundering probe, with the ED alleging that the funds are associated with unscrupulous activities by Winzo.
The bank accounts, operated under the names of Winzo US Inc. and Winzo SG Pte. Ltd., are said to be controlled by the company’s founders. The ED’s actions follow earlier search and seizure operations and a subsequent prosecution complaint under the Prevention of Money Laundering Act.
The accusations against Winzo include facilitating real-money gaming without proper disclosure, limiting customer withdrawals, and earning commissions through matches between bots and users. The agency claims Winzo amassed alleged proceeds of crime amounting to billions of rupees, part of which was allegedly funneled abroad as investments.
With this recent attachment, the total funds frozen in connection to this case now reach around Rs 1,194 crore (approximately $147 million). The ED’s thorough investigation underscores the intensifying scrutiny on the real-money gaming sector and the ongoing efforts to combat financial crimes.
Source: Entrackr : Latest Posts