Explore the latest news, in-depth reports, and executive analysis tagged with #Enforcement Directorate.
The ED alleged that these platforms advertised instant cross-border money transfer services using cryptocurrencies despite not being authorised payment system operators.
The ED had arrested the three founders on May 8 following searches at multiple locations linked to Gameskraft and its executives.
Enforcement Directorate (ED), Directorate General of GST Intelligence (DGGI) actions against online gaming and fintech companies in last couple of months.
ED seized cash, bullion, incriminating documents, froze four luxury vehicles; and identifies Dubai-based Grenadian national as Pay10's alleged ultimate beneficial owner.
During the raids, the ED reportedly seized substantial cash, valuables, electronic devices, and other incriminating evidence.
The ED also alleged that the gaming company used bots to play games against users without their knowledge, causing losses of about Rs 1,154 crore to players.
The case is linked to alleged illegal gains made through Gameskraft's real-money gaming apps, including RummyCulture and RummyTime.
The Enforcement Directorate found that fraudsters laundered Rs 285 crore through an elaborate network of temporary bank accounts.
The companies were operating in the digital banking and payments space.
The ED has filed a complaint against Simpl and its founder Nithya Nand Sharma for allegedly violating FEMA provisions.
The investigation revealed that the Probo platform defrauds its users by initially promoting a "deceptive image of a legitimate skill-based platform, only to ultimately exploit them through a betting mechanism..."
The scam reportedly amassed over Rs 2,200 crore from individuals across 20 states. The 'proceeds of the crime' were transferred out of the country.
