The Enforcement Directorate (ED) has seized bank accounts, fixed deposits (FDs) and bonds worth Rs 590 crore from entities linked to the Winzo group in a major crackdown under the Foreign Exchange Management Act (FEMA), signalling intensified scrutiny of alleged irregular financial transfers tied to the real-money gaming platform.
In the latest action against the online gaming firm and its associated companies, the central probe agency has taken over financial assets including overseas balances and domestic instruments, as per media reports. Authorities have alleged that funds were routed abroad in contravention of FEMA regulations and have frozen these assets while continuing to probe the wider scope of alleged violations involving foreign exchange and investment channels linked to Winzo.
The ED’s move comes amid a broader investigation into Winzo’s financial practises, including prior actions where substantial deposits and movable properties tied to the firm’s foreign bank accounts in the US and Singapore were provisionally attached under other legal statutes. The agency’s inquiries have included search and seizure operations at the company’s offices and related premises in late 2025, with scrutiny focusing on alleged offshore funds and proceeds of crime linked to the platform’s operations.
Officials have indicated that the seized assets form part of efforts to recoup and restrain alleged unlawful transfers and to enforce compliance with FEMA provisions, which govern cross-border financial transactions and investment activities. The investigation is ongoing, with further legal steps expected as the probe progresses.
