The Enforcement Directorate (ED) is conducting an investigation into the case of Zygarde Technologies Private Limited and others and is carrying out searches under provisions of the Foreign Exchange Management Act (FEMA) at premises belonging to 14 individuals and entities.

 

In its statement, the ED said that the investigation was initiated on the basis of information received that the company Zygarde Technologies has been collecting funds from individuals through payment aggregators for online gaming activities.

 

The ED added that 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 of the provisions of FEMA. The ED said that the investigation into the case is ongoing.