New Delhi: The Enforcement Department on Saturday raided the Bengaluru facilities of online payment gateways such as Razorpay, Paytm and Cashfree, as part of an ongoing investigation into “illegal” instant smartphone-based loans “controlled” by the Chinese. Said he was going
The investigation began on Friday at six facilities in the Karnataka capital, the statement said.
Search operations are ongoing, according to the Bureau of Enforcement.
The Federal Bureau of Investigation said it had seized funds worth 1.7 billion rupees held in “merchant IDs and bank accounts of these Chinese controlled entities” during the raids.
These agencies claim that their modus operandi is to use forged documents from Indians and make them false directors, leading to the generation of “criminal proceeds”.
“These organizations are controlled and run by the Chinese,” he said.
“We have noticed that the aforementioned entity conducts questionable/illegal business through various merchant IDs/accounts held at payment gateways/banks.”
“Facilities of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and Chinese controlled/operated entities are subject to the search operation,” the ED said.
The entity under investigation is generating criminal proceeds through various merchant IDs/accounts held at payment gateways/banks and also from addresses/registered addresses listed on the MCA (Ministry of Corporate Affairs) website. I have not manipulated and have a “fake”. address, the agency said.
The ED said its money laundering case was based on at least 18 FIRs filed by the Bengaluru Police Cyber Crime Station. Apps run by those entities/persons. “
https://www.siasat.com/chinese-loan-apps-case-ed-raids-razorpay-paytm-cashfree-2404358/ ED storms Razorpay, Paytm, Cashfree