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HC asks if ED could de-freeze Winzo’s accounts in lieu of bank guarantee for Rs 505 crore
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The Karnataka High Court on Thursday asked the enforcement directorate (ED) if it could de-freeze the bank accounts of the real money gaming (RMG) platform Winzo Games in lieu of a bank guarantee worth Rs 505 crore.
Winzo’s bank balances, bonds, FDs, and mutual funds were frozen after the ED invoked provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Justice Suraj Govindaraj is hearing a petition from Winzo praying that the search and seizure conducted by the agency at the company’s offices in connection with an alleged money…
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