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.
The authorities asked us for additional information in connection with the ongoing investigation in this regard. We cooperated fully and gave them the KYC and other details. The officials were satisfied with this.” Cashfree Payments said that full cooperation was extended to the ED's operation and necessary information was given to them on the day of the investigation itself.
Companies providing online payment services have been under the scanner of the ED since 2020 when the outbreak of Kovid-19 started. Cases of the suicide of customers who took loans from many states had come to the fore, after which the ED started an investigation under the Prevention of Money Laundering Act. The police had also said that loan app companies are intimidating borrowers.