🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

ED freezes Rs 192 Cr linked to WinZO subsidiary in money laundering probe

EntrackrEntrackr · 1m ago
ED freezes Rs 192 Cr linked to WinZO subsidiary in money laundering probe
Medial

News All Stories ED freezes Rs 192 Cr linked to WinZO subsidiary in money laundering probe Last month, ED arrested WinZO co-founders Paavan Nanda and Saumya Singh Rathore after search and seizure operations at company premises and residences. Shashank Pathak 01 Jan 2026 20:46 IST Follow Us The Directorate of Enforcement has frozen assets worth around Rs 192 crore classified as Proceeds of Crime (POC) belonging to Zo Games Pvt Ltd, a wholly owned Indian subsidiary of WinZO Pvt Ltd, after conducting a search operation under the Prevention of Money Laundering Act. The assets were frozen in the form of bank balances, fixed deposits, and mutual funds, the ED said in a press release. The agency stated that evidence pointed to deceptive gaming practices on the WinZO platform, where users were made to play real money games against bots and algorithm-driven personas without disclosure. The probe also found that withdrawals of user funds were restricted or prevented in certain cases. So far, the ED has identified total Proceeds of Crime of around Rs 802 crore in the case. Earlier, in November 2025, the ED arrested WinZO co-founders Paavan Nanda and Saumya Singh Rathore after search and seizure operations at company premises and residences. These actions followed the freeze of assets worth over Rs 505 crore under the PMLA. The assets included bank balances, fixed deposits, mutual funds, and other financial instruments linked to the company and its related entities. The investigation is based on multiple FIRs and hundreds of user complaints that allege manipulation of gameplay, misuse of customer data, non-refund of user funds, and continuation of real money gaming activities despite regulatory restrictions. Investigators said user funds remained with the platform even after restrictions on real money gaming came into force. The ED has also flagged overseas fund movements, with part of the alleged Proceeds of Crime routed to the US and Singapore as overseas investments. Funds worth $54 million were found parked in a US bank account held by WINZO US Inc. The WinZO case forms part of a wider enforcement phase in 2025. During the year, the ED initiated action against startup-origin companies such as Dream11, Gameskraft, Probo, Paytm, Myntra, Simpl, and OctaFX under money laundering, FEMA, and foreign-exchange related probes.

BharatPe strengthens leadership team with key appointments in finance and investments

EntrackrEntrackr · 5m ago
BharatPe strengthens leadership team with key appointments in finance and investments
Medial

BharatPe strengthens leadership team with key appointments in finance and investments Fintech platform BharatPe has expanded its leadership team with the appointment of Rajesh C as Head of Finance and Himanshu Nazkani as Head of Investments. The strategic hires come as the company prepares for its next phase of growth. Rajesh C, who will oversee finance, treasury, and taxation, brings more than two decades of experience across financial planning, accounting, and regulatory reporting. He has previously held leadership roles at SBI Card, ABN Amro-RBS, and GE Capital, and was part of the core team that managed SBI Card’s IPO. Himanshu Nazkani, as head of investments, will drive the company’s investment and insurance strategy while building partnerships across mutual funds, digital gold, fixed deposits, and insurance. With experience spanning fintech, wealthtech, and venture capital, he has previously worked with CarDekho Group, NYE Money, Kristal.ai, Elevar Equity, and Religare Global Asset Management. The development comes at a time BharatPe is negotiating a pre-IPO funding round. The company recently claimed that it turned profitable in FY25 with a profit before tax of Rs 6 crore (excluding ESOP costs) on revenues of Rs 1,800 crore. This marks a turnaround for the firm which had been loss-making for several years. BharatPe raised its last equity round in August 2021 when it also entered the unicorn club. It has raised over $650 million in equity and debt from the likes of Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others. In June, BharatPe announced the appointment of Siddhartha Jain as the Chief Network Officer (CNO). Trillionloans Fintech Private Limited (TFPL), the BharatPe NBFC arm, had also appointed Sandeep Singh as its new chief executive officer in April this year.

Download the medial app to read full posts, comements and news.