Chinese Loan App Case: ED Freezes Funds Of Payment Gateways Paytm, Easebuzz, Razorpay, Cashfree
"storyDirectUrl"
/
Companies/
News/ Chinese loan app case: ED freezes funds of payment gateways Paytm, Easebuzz, Razorpay, Cashfree
The Enforcement Directorate has carried out raids against Chinese-controlled loan apps and seized funds worth ₹46.67 crore kept in payment gateways Easebuzz, Razorpay, Cashfree, and Paytm.
The Enforcement Directorate has carried out raids against Chinese-controlled loan apps and seized funds worth ₹46.67 crore kept in payment gateways Easebuzz, Razorpay, Cashfree, and Paytm. These funds have been frozen under the anti-money laundering law, according to the news agency PTI.
On Wednesday, searches were conducted at multiple premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow, and Gaya.
In an official statement, the federal agency informed that a total of 16 premises of banks and payment gateways in Delhi, Pune, Gurugram, Mumbai, Chennai, Hyderabad, Jaipur, Jodhpur, and Bengaluru in respect of an investigation related to an app-based token named HPZ and related entities were also covered.
The federal agency has also recovered various incriminating documents related to the Chinese loan apps case during the search operation conducted on September 14. The case was registered by the cybercrime unit of Kohima Police in Nagaland in October 2021.
"Huge balances were found to be maintained in the virtual accounts of the involved entities with payment aggregators like ₹33.36 crore was found with Easebuzz Private Limited, Pune, ₹8.21 crore with Razorpay Software Private Limited, Bangalore, ₹1.28 crore with Cashfree Payments India Private Limited, Bangalore and ₹1.11 crore with Paytm Payments Services Limited, New Delhi," it added as quoted by news agency ANI.
Earlier on September 3, the ED also conducted raids at Bengaluru premises of these online payment gateways as part of an ongoing probe against “illegal" instant smartphone-based loans “controlled" by Chinese persons.
During the searches, it seized an amount of ₹17 crore which was kept “in merchant IDs and bank accounts of these Chinese persons-controlled entities". The modus operandi of these entities is that they used forged documents of Indians and made them dummy directors of the entities and generated proceeds of crime
The case is based on 18 FIRs registered by Bengaluru Police’s cyber crime station against numerous entities/persons in connection with their involvement in extortion and harassment of people who had availed small loans through the mobile apps being run by the entities/persons.
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
Uncertainty Surrounds Iran's Leadership After Presidential Helicopter Crash
In a dramatic and unsettling turn of events, a helicopter carrying Iran's President Ebrahim Raisi crashed during a fligh... Read more
Jake Sullivans Diplomatic Mission To Israel For Ceasefire Talks
Jake Sullivan, America’s national security adviser, has embarked on a crucial diplomatic mission to Israel, aimed at p... Read more
Germany's Fragmented Government: A Crisis Of Leadership And Direction
Germany's government is struggling to maintain unity as internal conflicts within the coalition continue to escalate. Th... Read more
Strong Yen Reflects Positive Sentiment As Asian Equities Gain
The Japanese yen strengthened, reflecting positive sentiment as Asian equities posted gains. This trend highlights inves... Read more
Chinas Response To U.S. Tariffs: Threats And Predictions
Following the recent announcement by the Biden administration to impose new tariffs targeting $18 billion worth of Chine... Read more
U.S. Military Aid To Ukraine: Implications And Impact
In the shadow of escalating tensions and ongoing conflict in Eastern Europe, U.S. Secretary of State Antony Blinken's re... Read more