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The Hindu

National

Devesh K Pandey

ED searches online gaming companies for FEMA violations

ED Enforcement Directorate FEMA Andhra Pradesh Gujarat Madhya Pradesh Maharashtra New Delhi

The Enforcement Directorate (ED) has conducted searches against foreign-registered online gaming companies and websites at 25 locations in Delhi, Gujarat, Maharashtra, Madhya Pradesh and Andhra Pradesh for suspected violations under the Foreign Exchange Management Act (FEMA), involving about ₹4,000 crore.

The agency has frozen 55 bank accounts of firms allegedly being used for layering and remitting overseas the income generated from online gaming in the guise of remittances against import of goods and services.

While 11 premises have been searched in Delhi, seven are situated in Gujarat, four in Maharashtra, two in Madhya Pradesh and one in Andhra Pradesh.

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