Winzo games directors arrested and sent to police custody for money laundering
BENGALURU: Sleuths from the Enforcement Directorate Bengaluru Zonal office arrested directors of Winzo Games Pvt Ltd, Saumya Singh Rathore and Paavan Nanda , in Bengaluru on Wednesday evening on charges of money laundering through their gaming websites.
Produced before a special court for the Prevention of Money Laundering Act, the two were placed in 10 days of police custody on Thursday.
Arguing for the ED, Special Public Prosecutor Madhu N Rao demanded a 14-day custody of the two accused persons. "Using algorithms, the accused persons deceived and defeated the players in different online games. Unaware that he was playing with an algorithm and his defeat was certain, the player was losing money.
This fraudulent act to earn illegal money was carried out between May 2024 and August this year. Prima facie, it was discovered during the investigation that Rs 177 crores proceeds of crime was generated during this period. The proceeds from the crime were ofloaded to subsidiary companies of Winzo Games US and Singapore in the form of Overseas Direct Investments," Rao argued before Special Judge Chandra Shekhar Reddy.
According to the ED, four different FIRs were registered against the accused persons in Delhi, Bengaluru, Rajasthan, and Gurgaon.
Produced before a special court for the Prevention of Money Laundering Act, the two were placed in 10 days of police custody on Thursday.
Arguing for the ED, Special Public Prosecutor Madhu N Rao demanded a 14-day custody of the two accused persons. "Using algorithms, the accused persons deceived and defeated the players in different online games. Unaware that he was playing with an algorithm and his defeat was certain, the player was losing money.
This fraudulent act to earn illegal money was carried out between May 2024 and August this year. Prima facie, it was discovered during the investigation that Rs 177 crores proceeds of crime was generated during this period. The proceeds from the crime were ofloaded to subsidiary companies of Winzo Games US and Singapore in the form of Overseas Direct Investments," Rao argued before Special Judge Chandra Shekhar Reddy.
According to the ED, four different FIRs were registered against the accused persons in Delhi, Bengaluru, Rajasthan, and Gurgaon.
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