ED Raids 14 Locations Across States in Online Gaming Foreign Remittance Probe

The Enforcement Directorate (ED) on Thursday carried out coordinated searches across multiple states in connection with an alleged online gaming-linked foreign exchange violation involving Delhi-based Zygarde Technologies Pvt. Ltd. and its associated entities.

Officials said the searches were conducted under the provisions of the Foreign Exchange Management Act (FEMA) at around 14 premises linked to individuals and companies in Delhi, Gujarat, Indore in Madhya Pradesh, and Srinagar in Jammu and Kashmir.

According to investigators, the probe was initiated after inputs suggested that Zygarde Technologies allegedly collected funds from users through payment aggregators for online gaming activities. The ED suspects the money was routed through multiple intermediary entities, including Happy Easygo , before being transferred overseas through layered financial transactions.

Officials alleged that the funds were remitted abroad under the guise of wallet recharge services and airline-related transactions in an attempt to conceal the true nature of the payments and bypass FEMA regulations. Agencies are now examining bank accounts, digital wallets, payment gateway records, and overseas remittance channels linked to the accused entities.

Investigators are also conducting a detailed digital forensic analysis to trace the origin and destination of the transactions and identify possible beneficiaries. Sources indicated that multiple layers of transfers may have been used to obscure the money trail.

The ED said the investigation remains ongoing, and more individuals could be questioned as the probe expands into related financial and payment networks. The company could not immediately be contacted for comment on the enforcement action.

The case comes amid heightened scrutiny of India’s rapidly growing online gaming ecosystem after the Union government banned online money gaming in August 2025 over concerns relating to illegal betting, suspicious digital transactions, and unregulated financial flows.