New Delhi, Nov. 27 -- The Enforcement Directorate on Wednesday arrested WinZO Co-founders Paavan Nanda and Saumya Singh Rathore on money laundering charges, officials said on Thursday.

The two were presented before a local court in Bengaluru that same night and were placed in one-day custody by the court, according to PTI. Officials said they are expected to appear again for a detailed hearing. On Monday, the ED stated that the company had "held" Rs.43 crore belonging to gamers, funds that should have ideally been refunded to players following India's ban on real-money gaming.

Paavan Nanda, 38, is an Indian entrepreneur, the co‑founder of WinZO, a major real‑money and social gaming platform in India. Before founding WinZO in...