New Delhi, Feb. 19 -- The Enforcement Directorate (ED), Bangalore Zonal Office, on Thursday said it has seized bank accounts, fixed deposits, mutual funds, and bonds of Winzo Pvt. Ltd. and its subsidiary Zo Pvt. Ltd. worth Rs 590 crore under Section 37A of the Foreign Exchange Management Act (FEMA), 1999, for alleged contraventions under Section 4 of FEMA.
The ED said that Winzo is engaged in the business of hosting Real Money Games (RMG)/online gambling, offering more than 100 games with a claimed user base of around 25 crore users. Winzo made Overseas Direct Investments in its foreign subsidiaries - Winzo US Inc, USA, and Winzo SG PTE Ltd, Singapore - by acquiring foreign exchange amounting to USD 54,255,010 (equivalent to Rs 492 crore)....