Billions ‘game’ in the name of Satta Matka online gaming, ED lashes out at FEMA violations

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Satta Matka Online Gaming FEMA Violation ED Action

The Enforcement Directorate (ED) carried out searches and seizures at 25 locations in five states and union territories in connection with its probe into foreign exchange violations against several online gaming companies registered abroad and websites operating from India.

During the Foreign Exchange Management Act (FEMA) probe, the ED found that companies registered in small countries with fake names, which had no connection with online gaming activities, were collecting money and diverting it for services or goods. Were sending out of India in the name of import.

In the FEMA investigation, searches and seizures of hawala operators and online gaming companies were carried out in 11 places in Delhi, seven in Gujarat, four in Maharashtra, two in Madhya Pradesh and one in Andhra Pradesh.

As per information, these online gaming companies or websites are registered in small countries like Curacao, Malta and Cyprus. All these are linked to Indian bank accounts opened in fake names, which have no connection with online gaming activity.

Under the FEMA Act, 1999, income earned from racing, horse riding or any other hobby cannot be remitted abroad. The ED said that people associated with gaming companies had opened several companies in the name of their employees. Under their guise, the income earned from online gaming was being sent abroad.

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