Offshores online gaming companies: ED raids 25 locations, remittance to the tune of Rs 4,000 crore under s

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19.55 lacs in cash, US$2695 and 55 bank accounts of firms being used for layering and remitting income generated from online gaming in the guise of remittances against import of goods and services have also been frozen, the agency said in a statement on Tuesday.Enforcement Directorate..

In a nationwide crackdown, the Directorate of Enforcement (ED) carried out searches at 25 premises on offshore registered online gaming companies and websites operating in India for alleged forex violations..

According to the agencys findings, these online gaming companies/websites registered in small island countries like Curacao, Malta and Cyprus were allegedly linked to account holders of proxy persons who have no links with online gaming activity however have accounts with banks in India..

The amount so collected from general public through gaming websites was then routed through multiple bank accounts and finally remitted out of India by mis-declaring the purpose of remittances against import of services or goods..

Hundreds of companies have been opened by the key persons in the name of their employees for layering and sending remittances to the tune of Rs. 4000 crore approx. in the guise of payments for import of goods and services, the ED said..

Full story at Economic Times | 

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