HC asks if ED could de-freeze Winzo’s accounts in lieu of bank guarantee for Rs 505 crore

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The Karnataka High Court on Thursday asked the enforcement directorate (ED) if it could de-freeze the bank accounts of the real money gaming (RMG) platform Winzo Games in lieu of a bank guarantee worth Rs 505 crore.

Winzo’s bank balances, bonds, FDs, and mutual funds were frozen after the ED invoked provisions of the Prevention of Money Laundering Act (PMLA), 2002.

Justice Suraj Govindaraj is hearing a petition from Winzo praying that the search and seizure conducted by the agency at the company’s offices in connection with an alleged money…



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HC asks if ED could de-freeze Winzo’s accounts in lieu of bank guarantee for Rs 505 crore



The Karnataka High Court on Thursday asked the enforcement directorate (ED) if it could de-freeze the bank accounts of the real money gaming (RMG) platform Winzo Games in lieu of a bank guarantee worth Rs 505 crore.

Winzo’s bank balances, bonds, FDs, and mutual funds were frozen after the ED invoked provisions of the Prevention of Money Laundering Act (PMLA), 2002.

Justice Suraj Govindaraj is hearing a petition from Winzo praying that the search and seizure conducted by the agency at the company’s offices in connection with an alleged money…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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