Chinese Loan Apps Case: Enforcement Directorate, ED took major action on Saturday. Under the PML Act 2002, the ED raided several locations of online payment gateway companies Razorpay, Paytm and Cash Free in Bengaluru, Karnataka. The ED (Enforcement Directorate) claims that it has also seized Rs 17 crore kept in the bank accounts of entities controlled by the people of China during the raids.
According to the Enforcement Directorate, this raid has been started on Friday (September 2) at six locations in Bengaluru. It has been said by the Enforcement Directorate that this raid is still going on. The Federal Investigation Agency said it had seized merchant IDs and Rs 17 crore held in bank accounts of entities controlled by Chinese people during the raids.
According to the ED, the modus operandi of these entities is that they are earning illegal income by making them dummy directors by using forged documents of Indian nationals. The ED has said that these entities are controlled by the people of China.
According to the ED, it has come to know that the said entities were carrying on suspicious and illegal business through payment gateways and various merchant IDs and accounts maintained with banks. The ED has said that during the search operation of the premises of companies like Razorpay Pvt Ltd, Cashfree Payments and Paytm Payment Services Ltd, it has come to the fore that these are controlled and operated by the people of China.
The addresses given on the website of the Corporate Ministry are fake
According to the ED, these entities were earning illegal income through various merchant IDs and accounts. The ED has also said that during the investigation it has been found that these entities are not functioning even from the registered address given on the website of MCA (Ministry of Corporate Affairs). They are operating from fake addresses.
18 cases have been registered in Bangalore Police Cyber Crime Station
The ED has said that the money laundering case under which the raids are going on is based on at least 18 FIRs registered by the Bangalore Police Cyber Crime Station. These FIRs have been registered against several entities and individuals. In these cases, the accused have been accused of harassment even for recovery of loan of small amount.
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