Apart from this probe on GST evasion, the ED is also investigating several cases related to cyber and crypto assets frauds.
The Enforcement Directorate, or ED, is investigating gaming companies in India as well as abroad for goods and services tax evasion of Rs 23,000 crores, Pankaj Chaudhary said on Monday. GST evasion took place between April 2019 and November 2022, he added.
Although the names of the companies are not yet disclosed, Chaudhary said that the estimated evasion of GST by these companies works out to Rs 22,936 crore relating to the said period. Further, the Central Board of Indirect Taxes and Customs has initiated investigations in the country and abroad against some gaming companies, including online gaming firms.
Apart from this probe on GST evasion, the ED is also investigating several cases related to cyber and crypto assets frauds. As on December 6, 2022, more than Rs 1,000 crore worth of proceeds of crime have been attached under the provisions of the Prevention of Money Laundering Act, 2002, a PTI report noted.
“In a written reply to a question in the Lok Sabha, the minister said the Enforcement Directorate has attached proceeds of crime of more than Rs 1,000 crore in several cases related to Cyber and Crypto assets frauds wherein online gaming, etc have been used for siphoning the proceeds,” according to PTI and as read on Gadgets 360.