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ED Raids The Locations Of Online Payment Companies Razorpay, Paytm, Cashfree
The authorities asked us for additional information in connection with the ongoing investigation in this regard.
New Delhi/Bengaluru: The Enforcement Directorate (ED) on Saturday said it has raided the premises of online payment platforms RazorPay, Paytm and Cashfree in Bengaluru in connection with its probe into alleged irregularities in quick loan allocation based on app-based loans controlled by Chinese nationals. . The probe agency said that the search operation started on Friday at the premises of these companies located in the capital of Karnataka and the operation is still going on.
"The searches were conducted at Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and other companies controlled or operated by Chinese persons," the ED said in a statement. Rs 17 crore deposited in "merchant ID and bank accounts" of these companies controlled by The agency alleged that these companies are using forged documents of Indian nationals to make them directors in a fraudulent manner while these companies are controlled and operated by Chinese people.
He said that these companies under investigation were raising money from the crime by using merchant IT or accounts linked to payment service companies and banks and the addresses given by these companies were also fake. In this context, Paytm spokesperson said, “We are cooperating with law enforcement agencies. Some merchants are under their scanner about whom the agencies had sought information from us.” Razorpay and Cashfree also said that they are cooperating fully with the investigating agency. A Razorpay spokesperson said, “Some of our merchants were investigated by law enforcement about a year and a half ago.
