MUMBAI, Feb. 20 -- The Enforcement Directorate (ED) has attached assets worth Rs.590 crore belonging to Winzo Private Limited, a major Indian online gaming firm launched in 2018, and its subsidiary, Zo Private Limited, in connection with an investigation into alleged violations of the Foreign Exchange Management Act (FEMA). According to ED officials, the seized assets include mutual fund investments, bonds, bank balances and fixed deposits held by the two companies. The action follows a probe into Winzo's overseas operations involving real-money online games such as Bingo, Ludo, Snakes & Ladders, Mines, Solitaire, Spades and Black Jack. The company operated in several countries, including Brazil, Germany and the United States, through its US-based subsidiary, Winzo US Inc, and its Singapore arm, Winzo SG PTE Ltd. The ED alleges that Winzo invested $54.25 million (Rs.492 crore) in overseas subsidiaries while retaining full control from India. The US and Singapore entities allegedly had no independent staff or offices, with accounts and bank operations managed domestically. The agency claims this violated FEMA rules and the PROG Act, 2025, attaching Rs.590 crore in foreign income....