The action came on the basis of multiple FIRs registered against Coda Payments and ‘Garena Free Fire’ mobile game, ED stated. The Enforcement Directorate (ED) on Tuesday searched three premises of Coda Payments India as part of a probe into suspected money laundering by the fintech firm.
The ED also froze all of Coda’s accounts — a total of Rs 68.53 crore balance — to prevent the company from alienating proceeds of crime collected through unauthorised deductions, the agency stated. The action came on the basis of multiple FIRs registered against Coda Payments and ‘Garena Free Fire’ mobile game, ED stated.
“It is alleged that Coda Payments India Pvt Ltd, which facilitates and collects payments from end users (mostly unsuspecting children) of games like Garena Free Fire, Teen Patti Gold, Call of Duty, etc, in the name of monetising and generating revenue for web and game publishers, is resorting to unauthorized deductions from end users of these games in the name of selling digital tokens…which are used by end users to enhance their playing experience,” the ED said.