&imwidth=800&imheight=600&format=webp&quality=medium "Who is Paavan Nanda? Online gaming platform co-founder arrested by ED on money laundering charges")
Paavan Nanda, co-founder of WinZO, was arrested by the Enforcement Directorate (ED) on Wednesday (November 26) in connection with money laundering allegations. He and his co-founder, Saumya Singh Rathore, were taken into custody after the ED accused them of holding ₹43 crore belonging to gamers, which should have been refunded following India's real-money gaming ban. The two entrepreneurs were presented in a Bengaluru court later and were placed in one-day custody, with further hearings expected soon.
Who is Paavan Nanda?
Paavan Nanda, 38, is a well-known entrepreneur and the driving force behind WinZO, a major social and real-money gaming platform in India. Before founding WinZO in 2018, Nanda was involved in Zostel, a popular chain of backpacker hostels, and ZO Rooms, a budget-hotel aggregator. He holds a Bachelor’s degree in Engineering from Netaji Subhas Institute of Technology (NSIT), New Delhi, and an MBA from the prestigious Indian Institute of Management, Calcutta.
Alongside Rathore, Nanda has built WinZO into a leading name in India’s online gaming industry. Together, they have amassed a combined net worth of ₹962 crore. WinZO's financial performance for the fiscal year 2023-2024 has been strong, with revenue rising 70% to ₹1,055 crore and a 151% increase in profit to ₹315 crore, despite the impact of a 400% hike in GST on online gaming that took effect in October 2023. However, the company is now facing allegations.
The ED claims that WinZO continued to operate real-money gaming platforms in countries like Brazil, the US, and Germany, using the same platform as in India. It also accuses the company of misleading users by using algorithms to simulate human players without informing them. In addition to freezing assets worth ₹505 crore, including bonds, fixed deposits, and mutual funds, the ED alleges that WinZO failed to refund the ₹43 crore owed to gamers after the real-money gaming ban came into force.
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In response, WinZO issued a statement defending its operations, emphasising that fairness and transparency are integral to its platform. The company maintains that it is fully compliant with all applicable laws and remains committed to providing a safe and secure environment for its users.
