Philippine Senator Sherwin Gatchalian has proposed Senate Resolution 1193 to investigate the failure of local banks to detect POGO-related suspicious transactions tied to criminal activities, following the case of former Bamban, Tarlac Mayor Alice Guo.

Gatchalian, in his resolution, highlighted bank transactions involving Guo’s companies, which amounted to hundreds of millions of pesos and allegedly funded the construction of a POGO hub in Bamban. The amount far exceeded the financial capacity reflected in the companies’ financial statements.

He pointed out a significant increase in cash flows, check disbursements, and transactions involving Guo’s accounts, peaking in 2020—an anomaly given that the COVID-19 pandemic had severely disrupted businesses and economies worldwide.

Gatchalian noted that despite these large transactions, the banking system failed to flag them as suspicious. He raised concerns about the banks’ inability to report such dubious activities, questioning the effectiveness of their internal controls and procedures for identifying and reporting suspicious behaviour.

The senator emphasised that financial institutions are responsible for analysing financial data to detect transactions that may indicate money laundering.

These circumstances, according to Gatchalian, raise doubts about the adequacy of current Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations and guidelines for banks and financial institutions.

Gatchalian also pointed out that the Philippines remains on the Financial Action Task Force (FATF) grey list. The country must improve its AML/CTF efforts, including prosecuting money laundering and terrorism financing, addressing beneficial ownership information and strengthening cross-border declaration measures.

While President Ferdinand Marcos Jr. has instructed all government agencies to meet the necessary requirements to remove the country from the FATF grey list, Gatchalian stressed that private sector compliance is equally crucial to strengthening the country’s AML/CFT regime. This includes increased adherence to obligations, such as reporting covered and suspicious transactions.

Nazara Technologies Limited (BSE: 543280 NSE: NAZARA), India’s leading diversified gaming and sports media company, today announced its largest fund raise to boost its growth trajectory. The company’s board has approved a preferential equity issue to raise INR 900 crores, subject to shareholder and regulatory approvals. This capital infusion will fuel strategic acquisitions, fund business expansion, and enhance the company’s ability to seize new growth opportunities.

The preferential equity issue amounting to INR 900 crores will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara’s financial foundation for long-term expansion. These shares will be subject to SEBI regulations and lock-in requirements as per Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.

In a parallel development, Nazara also acquired an additional 19.35% stake in Absolute Sports Pvt. Ltd., the parent company of Sportskeeda, for INR 145.5 crores, with 50% of the consideration paid in cash and the remaining amount in stock. With this, Nazara now holds a 91% ownership stake in Absolute Sports, solidifying its leadership position in the sports media domain.

Sportskeeda, Absolute Sports’ flagship brand, reaches millions of sports fans globally each month, with significant traction in India and the U.S., where it ranks among the top sports platforms. In addition, Absolute Sports has recently expanded by acquiring  Pro Football Network (PFN), SoapCentral, and Deltia’s Gaming, further diversifying its sports and entertainment portfolio.

Nitish Mittersain, CEO & Jt MD of Nazara Technologies Limited remarked “Nazara has demonstrated its ability to attract top-tier investors who believe in our long-term vision of establishing India’s first globally respected gaming powerhouse. This INR 900 crores fundraise will be instrumental in accelerating our growth across key segments. Additionally, increasing our stake to 91% in Absolute Sports (Sportskeeda) reinforces our leadership in the sports media landscape. The growth of Absolute Sports, from its early days as a startup to becoming a global media player, underscores our commitment to supporting innovative teams that consistently deliver transformational growth.

KGeN, a community led gaming platform and Riot Games have partnered for the launch of LIFT//OFF, a community-led & data-driven online training academy to forge the next set of professional VALORANT athletes. This program will allow everyday gamers to make a mark, whether it is through their in-game achievements or showing off their skills at a global stage. 

The program sets a new standard as a community-driven program by strategically selecting gaming content creators as ‘creators’ and seasoned competitive gamers as ‘trainers’, from the VALORANT community to lead this training academy. They will select 20 creators from a pool of applicants, these creators will then form their own teams from within their communities. Each creator will either select 5 players for their team or play alongside 4 players, forming a total of 60 to 80 players. Additionally, 20 trainers will be selected, with each assigned to one of the 20 creator-led teams.

A gamer’s in-game VALORANT performance, including stats like hours played, win rates, successful kills, headshot percentage, and KDR, combined with their social standing in the community, such as tournament wins, content creation skills, and positive feedback, will be the foundation for selecting the first group of Trainers, Creators, and esports recruits for LIFT//OFF.

LIFT//OFF will offer all participants a first of its kind opportunity to connect with the global esports community. Top-performing teams will have the chance to showcase their skills in official VALORANT tournaments. Additionally, creators and trainers will receive official VALORANT merchandise, highlighting their involvement in shaping this program and contributing to the growth of the esports community in India. The program will include a mentor cohort which will captivate and engage a diverse audience.

The program aims to not only elevate the skills of esports recruits but also cultivate the next generation of esports idols. The program’s teachings extend beyond in-game strategies to encompass the broader aspects of life as an esports professional. By mentoring participants in every facet of the player’s social persona, KGeN seeks to use data to build the reputation and “gamer cred” of everyone involved, ensuring they are well-rounded individuals ready for the spotlight. Data-driven insights will be used to tailor tutorials and challenges, helping each participant address specific areas where they need help.

LIFT//OFF Roadmap

1. Launch (Sep 18) – Applications for Creators, Trainers & Recruits go live.

2. Last Date to Apply (Oct 10) – Last date for Creators, Trainers & Recruits to apply.

3. Weekly & Daily Challenges Leaderboard (Nov 4 – 26) – In this period, players can take part in-game challenges to test their learning and also win rewards from the leaderboard.

4. Finale (Nov 30 – Dec 3) – LIFT//OFF will feature a final tournament, to assess the learnings of the Recruits and the teaching effectiveness of Trainers.

How To Apply?

To join the LIFT//OFF program, select the role that best suits you and fill out the required details in the application form. A KGeN representative will reach out to you shortly to guide you through the next steps.