Paytm, Other Payment Gateways Searched In Chinese Loan Apps Case
NDTV
Chinese loan apps case: Enforcement Directorate said it has seized Rs 17 crore worth funds kept in "merchant IDs and bank accounts of these Chinese persons-controlled entities", during the raids.
The Enforcement Directorate (ED) on Saturday said it is conducting raids at the Bengaluru premises of online payment gateways like Razorpay, Paytm and Cashfree as part of an ongoing probe against "illegal" instant smartphone-based loans "controlled" by Chinese persons.
The searches were launched on Friday at six premises in Bengaluru, according to a statement. The search operation is in progress, the Enforcement Directorate said.
The federal probe agency said it has seized Rs 17 crore worth funds kept in "merchant IDs and bank accounts of these Chinese persons-controlled entities", during the raids.
The modus operandi of these entities is that they use forged documents of Indians and make them dummy directors leading to generation of "proceeds of crime", it alleged.
