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Enforcement Directorate Freezes Rs 123 Crore in Crackdown on Chinese Betting Apps

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The Enforcement Directorate (ED), a law enforcement agency of the Government of India that is responsible for enforcing Economic Laws and fighting Economic Crime, announced on Wednesday that it had frozen bank deposits worth Rs 123 crore following searches at 10 locations in Mumbai, Chennai, and Kochi under the Prevention of Money Laundering Act against “Chinese-controlled” betting and loan apps, which allegedly defrauded numerous individuals.

According to a statement by the ED, the searches were conducted on February 23 and 24 at the premises of NIUM India Pvt Ltd and its directors in Mumbai, Xoduz Solution Pvt Ltd, Vikrah Trading Enterprises Pvt Ltd, Tyrannus Technology Pvt Ltd, M/s Future Vision Media Solutions Pvt Ltd, M/s Aprikiwi Solution Pvt Ltd in Chennai and Raphael James Rozario in Kochi.

“The search operations also resulted in the recovery and seizure of several digital devices, various incriminating documents, multiple bank accounts used for laundering, and details of various movable and immovable assets of the accused persons and entities,” the ED stated.

The searches were aimed at “tracing and unearthing the proceeds of crime in the case of illegal online loan/gambling/betting apps through a cluster of mule accounts in Kerala,” the ED elaborated.

The investigation was initiated based on FIRs registered by Kerala and Haryana Police regarding allegations of exploitation and cheating through online loan, gambling, or betting apps controlled by Chinese entities.

“The proceeds of crime generated from the above apps/other platforms are aggregated and laundered through mule accounts opened in various banks in Kerala State using payment aggregators,” the ED explained.

Additionally, funds collected through multiple shell companies in several states, including Chennai, Bengaluru, Delhi and Mumbai, were being remitted outside India through various channels such as cryptocurrency, against fake imports of software from Singapore and Forex currency purchases.

The ED disclosed that the accused had established numerous shell entities in India and used them to transfer proceeds of crime to shell companies established in Singapore. “These Singapore shell entities would raise fake invoices for the supply of software/other services in the name of the shell Indian entities in India, where the proceeds of crime would have already been aggregated,” the statement said.

“These invoices are processed by a global forex settlement platform named M/s NIUM Singapore Pte Ltd. (Singapore), which has an Indian subsidiary Company, namely NIUM India Pvt. Ltd., to collect money from Indian entities based on fake invoices and transfer the same as outward remittances to M/s NIUM Singapore Pte Ltd in the name of payment for technical services. These funds will then be credited to the virtual wallet of Singapore shell entities,” the ED added.

According to the ED, NIUM India collected no other documentation besides the fake invoices from the remitters.

“In this manner, the shell remitter, the shell remittee, and the sham import transactions were concealed from the Bank and monitoring agencies, and the proceeds of crime are thereby laundered out of India,” the ED concluded.

Akshat Rathee

Manish Agarwal Joins NODWIN Gaming Board as Non-Executive Director

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NODWIN Gaming, a leading esports and youth entertainment company, announced the appointment of Manish Agarwal to its Board as a Non-Executive Director. An executive who played a key role in scaling and taking public India’s only listed gaming company, Manish brings deep experience in public market readiness, governance and institutional growth as NODWIN accelerates preparations for a potential public listing. Notably, he has been associated with NODWIN since its early days leading Nazara Technology’s investment into the company, bringing a long-term perspective on the company’s evolution, strategy and category leadership.

Manish is a successful entrepreneur and ecosystem builder, currently Co-founder of KGeN (Kratos Gamer Network) – a verified human distribution network organizing micro-communities across the Global South to power engagement, commerce. KGeN is backed by leading global investors including Accel and Prosus, with its most recent private round valuing the company at approximately $500 million.

He is also the Founder of Humyn Labs, which works with frontier technology companies to transform signals from real-world communities into structured human intelligence systems for AI.

As a Non-Executive Director, Manish will work closely with the Board and leadership team to strengthen governance, strategic oversigh, and long-term value creation as the company scales across markets and builds institutional depth aligned with public market expectations.

Manish Agarwal, Co-Founder of KGeN & Humyn Labs, said: “Having seen NODWIN’s journey from its early stages to becoming a leading force in youth culture and gaming, it’s been exciting to watch its evolution. As the company now prepares for its next phase, including its path towards public markets, I look forward to contributing to building a globally relevant and institutionally strong platform.”

Akshat Rathee, Managing Director and Co-Founder of NODWIN Gaming, said: “Manish has been a long-time partner in NODWIN’s journey, from leading Nazara Technologies’ investment into the company to now joining our Board at a crucial inflection point. He is the leader who took Nazara public and created immense shareholder value, and brings that same mindset as we prepare for our own public market journey. Manish brings a rare combination of entrepreneurial vision and public market experience that is incredibly valuable at this stage of our journey. We are confident his strategic guidance will play an important role as we advance our pre-IPO round and continue creating long-term value for our stakeholders. We are delighted to welcome him to the Board at this important stage.”

NODWIN Gaming has been steadily expanding its footprint across gaming, creator ecosystems and youth culture, building a diversified platform spanning content, commerce and experiences. The company continues to invest in strengthening its institutional capabilities, governance frameworks and global presence as it prepares for its next chapter.

This appointment is part of a broader set of strategic moves by NODWIN Gaming as it prepares for its next phase of growth. Earlier this month, the company brought back Sidharth Kedia to lead strategy, capital planning and M&A, reinforcing its focus on disciplined growth and shareholder value creation.

Alongside bringing Arnd Benninghoff onto the Board and kicking off a $100 million pre-IPO fundraise, these moves reflect a deliberate effort to strengthen leadership, governance and strategic depth as NODWIN moves closer to the public markets. After posting a strong INR 524 Cr in FY25, the result of a consistent 50%+ CAGR since 2018, the company has already eclipsed that milestone. In the first three quarters of FY26 alone, revenue reached INR 530.3 Cr while maintaining EBITDA-positive operations, signaling a record-breaking year ahead.

The post Manish Agarwal Joins NODWIN Gaming Board as Non-Executive Director appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Golden Whale names Jaime Ocampo Managing Director, Asia

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Former Kochava, DeNA and EA executive to lead Asia-Pacific commercial growth and regional strategy.

Golden Whale has appointed Jaime Ocampo as Managing Director, Asia, as the company pushes deeper into the Asia-Pacific iGaming market.

Ocampo will lead commercial growth and regional strategy across the region, with a focus on supporting operators adopting “continuously learning models” for decisioning across engagement and incentives, the company said.

He brings more than 20 years of experience across digital technology, gaming and data-driven growth, and has held senior roles at Kochava, DeNA, Funstage GmbH and Electronic Arts.

Eberhard Dürrschmid, CEO at Golden Whale, said: “Asia is a strategically important region for us, with a diverse and fast-moving market. Jaime brings a rare combination of experience across gaming, data and commercial strategy, which aligns closely with how we support operators today. His understanding of both the operational challenges and the underlying data opportunities makes him ideally positioned to lead our expansion in the region.”

Jaime Ocampo, Managing Director, Asia at Golden Whale, added: “The opportunity in Asia is significant, particularly as operators look to move beyond traditional campaign structures and adopt more adaptive, data-driven approaches to player engagement. Golden Whale’s technology is built to support that transition, and I am looking forward to working closely with partners across the region to help unlock new levels of performance and efficiency.”

The post Golden Whale names Jaime Ocampo Managing Director, Asia appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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8bit Binks

S8UL Esports Triumphs in VCSA 2026 Split 1: A Grand Final Masterclass

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In a heart-pounding display of tactical precision and mental fortitude, S8UL Esports has been crowned the VALORANT Challengers South Asia (VCSA) 2026 Split 1 Champions. The victory came after an intense five-map Grand Final against Revenant Xspark, where S8UL emerged victorious with a 3-2 scoreline, solidifying their dominance in the regional VCT ecosystem.

With this win, S8UL takes home the lion’s share of the prize pool—INR ₹9,00,000—and sets a high benchmark for the remainder of the 2026 season.

The Road to the Trophy

S8UL’s journey through Split 1 was a testament to their growth following the 2025 season. Their path to the podium included:

  • League Phase Dominance: Consistent performance against seven of South Asia’s elite teams.

  • Semifinal Sweep: A commanding 2-0 victory over Asterisk, showcasing a roster peaking at the perfect moment.

  • The 5-Map Thriller: A back-and-forth Grand Final against Revenant Xspark that tested the limits of both skill and composure.

Strategic Growth and Leadership

The victory highlights the successful vision of Mithul “8bit Binks” Nayak, the driving force behind this revamped roster. Under the leadership of veteran captain Ganesh “SkRossi” Gangadhar, the team displayed evolved coordination and the ability to clutch out decisive rounds under immense pressure.

“Winning Split 1 gives us confidence, but we know the season is long,” said SkRossi. “I’m proud of how the team stayed focused in the crucial moments.”

Impact on the VCT Ecosystem

VCSA Split 1 serves as the critical pathway for South Asian teams to climb into the VALORANT Champions Tour (VCT). By securing the first title of the year, S8UL not only establishes themselves as the team to beat but also positions themselves favorably for international qualification opportunities in Split 2 and beyond.

Animesh ‘Thug’ Agarwal, Co-Founder and CEO of S8UL, noted: “The team showed incredible composure in a high-pressure final. This result is a testament to the work they’ve been putting in behind the scenes. We’ve always believed in this roster.”

The post S8UL Esports Triumphs in VCSA 2026 Split 1: A Grand Final Masterclass appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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