🚨🚨 ED Bangalore zone has arrested Winzo founders Saumya Singh Rathore and Paavan Nanda yesterday. They were produced at 11:30 AM at a local court today, for detailed arguments.
This is after recent searches conducted by ED at the startup led to the freezing of about Rs 505 crore in bank balances, fixed deposits, bonds and mutual funds. The probe began after FIRs alleging cheating, impersonation, blocking of user accounts, misuse of PAN details and fraudulent loss of customer funds. Complainants also alleged their KYC information had been misused. According to the ED, WinZO continued to offer real-money games in Brazil, the US and Germany from India even after the Union government banned such games from August 22, 2025. The agency said the company still holds Rs 43 crore belonging to customers without refunding it. ED sleuths also alleged that users were matched against undisclosed algorithms instead of human players, withdrawals were restricted and proceeds of crime were generated from user losses. Further said that funds were diverted under the guise of overseas investments, including $55 million (Rs 489.9 crore) allegedly parked in a US bank account of “WinZO US Inc.”