The Directorate of Enforcement (ED) is conducting an investigation in the case of Zygarde Technologies Private Limited and others and is conducting searches under provisions of FEMA on premises belonging to 14 individuals and entities since Thursday morning.
The premises being searched are located in Delhi, Gujarat, Indore and Srinagar.
The investigation was initiated on the basis of information received that M/s Zygarde Technologies has reportedly been collecting funds from individuals through payment aggregators for online gaming activities.
The funds were allegedly routed through various entities, including Happy Easygo, and subsequently remitted to foreign countries under the guise of wallet recharges and airline related transactions in contravention to the provisions of FEMA.
The investigation is the case is ongoing, ED sources said.
