ED conducts raids in Srinagar, other states in online gaming-linked FEMA case

New Delhi, May 15: The Enforcement Directorate (ED) on Thursday carried out searches at multiple locations across the country in connection with an alleged foreign exchange violation case linked to online gaming activities involving a Delhi-based company and its associates.

Officials said raids were conducted at around 14 locations belonging to individuals and firms in Delhi, Gujarat, Indore in Madhya Pradesh, and Srinagar in Jammu and Kashmir as part of the investigation against Zygarde Technologies Pvt. Ltd.

The searches were conducted under the provisions of the Foreign Exchange Management Act (FEMA), officials added.

According to ED sources, the investigation was initiated following inputs that the company allegedly collected money from users through payment aggregators for online gaming operations.

The agency alleged that the funds were routed through several entities, including Happy Easygo, and later transferred abroad in the name of wallet recharges and airline-related transactions, allegedly in violation of FEMA regulations.

Officials said further investigation into the financial transactions and overseas remittances is underway.

Notably, the Union Government had imposed a ban on online money gaming in India in August 2025. (KNC)