ED searches at 6 premises in Bengaluru in Chinese loan app case
India Today
The premises of Razorpay Pvt ltd, Paytm Payment Services, Cashfree Payments - operated by Chinese nationals - were covered in the searches and Rs 17 crore has been seized from their merchant IDs and bank accounts so far.
Six premises in Bengaluru were searched by the Enforcement Directorate (ED) on September 2 in connection with a probe into the Chinese loan app case under the provisions of the Prevention of Money Laundering Act (PMLA).
The premises of Razorpay Pvt ltd, Paytm Payment Services, Cashfree Payments - operated by Chinese nationals - were covered in the searches and Rs 17 crore has been seized from their merchant IDs and bank accounts so far.
The case is based on 18 FIRs registered by the Cyber Crime Police Station of Bengaluru against entities and people in connection with their involvement in the extortion and harassment of the public who had availed small loans through the mobile apps run by them, the financial probe agency said.“These entities are controlled by Chinese persons. These entities used forged documents of Indians and made them dummy directors of the entities to generate the proceeds of crime. The entities carried on their illegal business through various merchant IDs and accounts held with Payment Gateways and banks,” the ED said in a statement.
“The entities were also not operating from their registered addresses,” the financial probe agency said.
Also Read: | ED attaches assets worth Rs 76 Crore in Chinese loan app scam
