Live News: Raid on locations of Paytm, Razorpay & Cash Free latest news update 2022
Latest News Update On 04 September 2022: The Enforcement Directorate (ED) took major action in connection with the investigation of fraud through the Chinese loan app. The agency raided six offices of fintech companies Paytm, RazorPay and Cashfree Payments in Bangalore. ED said, Rs 17 crore has been seized from merchant IDs and bank accounts of Chinese companies.
According to the ED, searches were conducted at Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and other companies controlled or operated by Chinese people. These entities were carrying on suspicious and illegal business through payment gateways and various merchant IDs and accounts maintained with banks.
The ED said, this action was taken on the basis of the case registered at the Cyber Crime Police Station in Bengaluru. It is alleged that some people had taken loans from some companies through mobile apps. For its recovery, they had to be victims of persecution. When the case came to light, the ED started the investigation by taking the investigation into its own hands. The ED said that 18 FIRs have been registered against institutions and individuals in this case in Bengaluru. These entities were earning illegal income through various merchant IDs & accounts. Investigation revealed that these organizations are operating from fake addresses.
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