ED raids Coda Payments and freezes Rs 68 Cr worth of deposits
By MYBRANDBOOK
The Enforcement Directorate has frozen more than Rs 68 crore worth of deposits after it searched three premises of Coda Payments India Pvt Ltd as part of a money laundering investigation. The company ran mobile games and allegedly duped a number of people by extracting unauthorised payments from them and transferring these to Singapore.
The ED said the company ran mobile games such as Garena Free Fire, Teen Patti Gold, Call of Duty and its money laundering case against the company was registered after taking cognisance of multiple police FIRs filed against the company and in some cases, the gaming portals too.
The federal probe agency said that the company has collected Rs 2,850 crore till date, out of which Rs 2,265 crore was remitted outside India after retaining a certain percentage of revenue for payment of taxes and nominal profits here.
The ED said, “It is alleged that Coda Payments India Pvt. Ltd. which facilitates and collects payments from end users (mostly unsuspecting children) for games in the name of monetising and generating revenue for web/game publishers, was resorting to unauthorised deductions from the end-users of these games in the name of selling digital tokens which were used by the them (end users) to enhance their playing experience. It has been collecting money in the name of sale of digital content and remitting it to its parent company in Singapore in the name of sale and purchase of digital content, however the entire operations of Codashop which sells the tokens are being managed by Coda Singapore only and there is no actual sale or purchase of digital content by CPIPL.”
The agency said, “To prevent the company from alienating the proceeds of crime which it has collected through unauthorised deductions from the accounts of unsuspecting customers, all the bank accounts, merchant IDs in payment gateways and fixed deposits of CPIPL with balance as on date of Rs 68.53 crore have been freezed under the Prevention of Money Laundering Act.”
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
PRAMA HIKVISION INDIA PRIVATE LIMITED
TVS ELECTRONICS LTD.
SECUREYE SERVICES PVT. LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Debjani Ghosh
Debjani Ghosh is the President of the National Association of Software...
ICONS OF INDIA : S KRISHNAN
S Krishnan as the secretary for the electronics and information techno...
Icons Of India : ALOK OHRIE
Alok Ohrie leads Dell Technologies’ India business, overseeing Sales...
PARTNER SPEAKERS
PSU
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
