Whalesbook
The Enforcement Directorate (ED) conducted searches at 11 locations, including offices and residences, of online gaming companies Gameskraft and WinZO in Bengaluru, Delhi, and Gurugram. The action stems from FIRs alleging algorithm manipulation by the platforms and the discovery of crypto wallets linked to promoters, raising concerns about potential money laundering. This development occurs amidst India's stringent regulatory overhaul of the online gaming sector, including a ban on real-money games and a 28% GST.