Crime
Enforcement Directorate Searches Linked to Delhi Gaming Firm Under FEMA
The Enforcement Directorate carried out searches across multiple states targeting individuals and companies linked to an alleged foreign exchange violation involving a Delhi-based online gaming technology firm. The investigation, initiated under FEMA provisions, covers entities operating in Delhi, Gujarat, Madhya Pradesh, and Jammu and Kashmir.
The Enforcement Directorate on Thursday conducted raids across several states as part of an investigation into alleged foreign exchange violations linked to online gaming operations.
Officials said the searches were carried out against Delhi-based Zygarde Technologies Pvt. Ltd. and its associated entities under the provisions of the Foreign Exchange Management Act (FEMA).
According to officials, the raids covered nearly 14 individuals and companies located in Delhi, Gujarat, Indore in Madhya Pradesh, and Srinagar in Jammu and Kashmir.
The investigation is focused on alleged irregularities involving foreign exchange transactions connected to online gaming-related activities. Authorities suspect possible violations of FEMA regulations concerning fund transfers and financial dealings.
The Enforcement Directorate is currently examining financial records, digital transactions, and business operations associated with the entities under scrutiny. Officials have not yet disclosed the exact amount involved in the alleged violations or whether any arrests have been made.
The case adds to the increasing regulatory scrutiny faced by online gaming and digital platform companies in India, particularly in matters related to cross-border transactions, money flow, and compliance with foreign exchange laws.