DelhiDesk: The Enforcement Directorate conducted searches and seizures at 25 locations across five states and union territories in connection with its foreign exchange violation probe against several foreign-registered online gaming companies and websites operating from India. The ED found that companies registered in small island countries were collecting money from India and siphoning it out of the country in the name of import of services or goods. During the Foreign Exchange Management Act (FEMA) probe, the ED found that companies registered in small island nations, opened by proxy persons, who had no connection with online gaming activities, were collecting money and diverting it to services or goods being exported out of India in the name of import. The accused persons used remote based servers and laptops through remote access apps to avoid being caught by the probe agencies. The cash, US$ 2,695 while the 55 bank accounts of the firms being used for layering and transfer of income generated from online gaming were frozen under the guise of remittances against import of goods and services.
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👉 The Enforcement Directorate conducted searches and seizures at 25 locations across five states and union territories.
👉 The probe is against several foreign-registered online gaming companies and websites operating from India.
👉 Companies registered in small island countries like Malta and Cyprus were found to be collecting money from India.
👉 The money was being siphoned out of the country in the name of import of services or goods.
👉 Searches and seizures were carried out at 11 locations in Delhi, seven in Gujarat, four in Maharashtra, two in Madhya Pradesh and one in Andhra Pradesh.
👉 Money collected from the public through gaming websites is routed through several bank accounts and finally remitted outside India.
👉 Foreign outward remittances worth thousands of crores were established during the probe.
👉 The cash, US$ 2,695 while the 55 bank accounts of the firms being used for layering and transfer of income generated from online gaming, were frozen under the guise of remittances against import of goods and services.
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