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.”
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