ED Raids 25 Locations Across Multiple States in India, Targets Online Gaming Companies
Maharashtra, 24th May 2023: In a major crackdown on foreign registered online gaming companies operating in India, the Enforcement Directorate (ED) conducted extensive searches under the Foreign Exchange Management Act (FEMA), 1999. The raids took place on May 22, 2023, and May 23, 2023, at 25 premises located in Delhi, Gujarat, Maharashtra, Madhya Pradesh, and Andhra Pradesh.
During the raids, the ED uncovered a plethora of incriminating evidence, including documents and electronic devices, which shed light on the operations of these online gaming platforms. Additionally, a substantial amount of cash totaling Rs. 19.55 lacs, along with US$2695, was seized by the authorities. Furthermore, the ED also identified and froze 55 bank accounts associated with these companies.
The investigation carried out by the ED is focused on the alleged violations committed by foreign registered online gaming companies that have been operating within the Indian market. The searches conducted at the various premises aim to gather crucial evidence to aid in the ongoing investigation.
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