Indian authorities probe Singapore gaming payments outfit Coda
The raid, however, opened a can of worms. Indian authorities allege they discovered Coda's Singapore arm was simply a conduit to remit funds outside India.
The Directorate alleged the India-based company was"collecting money in the name of sale of digital content and remitting it to its parent company in Singapore in the name of sale and purchase of digital content. However, the entire operations of Codashop, which sells the tokens, are being managed by Coda Singapore; there is no actual sale or purchase of digital content by [Coda India]."
The India arm allegedly collected $349 million, of which it remitted $277 million overseas – retaining some for tax payment and nominal profits. Indian authorities subsequently froze all of Coda India's assets, equating to $8.4 million.cooperating with the investigation and have called the allegations"without merit" and a"misunderstanding.
"These allegations, while without merit, provide an opportunity to clarify this misunderstanding around the nature of Coda's business.""widely seen across e-commerce platforms and online marketplaces, end users pay for purchases using payment methods such as e-wallets, UPI, net banking, and credit and debit cards," the company explained.
"These payments are processed not by Coda, but by the operator of the selected payment method, and as per the Master Direction on Digital Payment Security Controls of Reserve Bank of India the authentication of end users is the responsibility of the concerned payment service providers. We continue to work closely with our payment provider partners to ensure security and compliance to protect our users.
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