New Delhi: WinZO, a gaming platform that is popular, is currently on the wrong side of the law following the arrest of its founders by the Indians. They have been accused of engaging in money laundering and transferring huge amounts of money without following the law. The police argue that the company was earning billions in gaming revenue yet it failed to report them to the authorities accordingly.
WinZO that was known to provide cash prizes to play mobile games was highly popular among young players. However, currently, this popularity has become a legal issue. The investigators are also examining the bank accounts of the company, transactions and business partners to establish whether the money was dealt with within the law.
The case, according to experts in the industry, is a lesson to other online gaming firms. India has several startups that have expanded very rapidly but fail to follow the right rules in order to gain profits. This is now being noticed by the law enforcement agencies.
The founders are in the custody of the police and the evidence is being examined in court. The firm has indicated that it will collaborate in the investigation but it made no remarks on the alleged claims.
This news is unbelievable to players and investors. Most of them are afraid that their win or investment in WinZO might be influenced. According to the legal experts, the conviction of the founders may result in fines and imprisonment over the long duration.
