The country’s Enforcement Directorate is investigating the locations of payment aggregators Paytm and PayU. This action of ED came within just two weeks, even though they had already investigated Paytm’s Bangalore premise. Along with Paytm, ED also investigated the premise of firms like Razorpay, Cashfree. It was revealed that they are related to Chinese loan apps. The federal anti-money laundering agency (ED) is currently also conducting searches on Chinese companies facilitators in the country such as Mumbao, Delhi, Gurgaon, Lucknow and Kolkata.
Also Read: Election Commission delists 86 more political parties, know details
PayTm issued a statement regarding these searches
Along with these companies, the searches have been conducted by the Enforcement Directorate also include payment gateway companies for some specific transactions. Moneycontrol reached out to PayU, but the response is still awaited from them. Paytm issued a statement on September 3, following the ED searches at their Bengaluru premises a day earlier. They had clarified that the agency just only sought information regarding merchants to whom the company provides payment solutions. Paytm said, “We wish to clarify that all these merchants are the independent entities. None of them are our group entities”.
The ED had issued a statement following these searches. They said, “its probe has revealed that loan apps owned by the Chinese individuals were conducting their business through various merchant IDs held with payment gateways and the banks. A total of 17 crore has seized in merchant IDs and bank accounts of these Chinese individuals-controlled entities and further search operations are underway”.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.
