ED Has Taken Major Action In The Chinese Loan App Case
ED has taken major action in the Chinese loan app case. Big action by ED on Chinese loan app, Rs 46.67 crore seized from several companies; Paytm clarified.
The Enforcement Directorate (ED) has taken major action in the Chinese loan app case.
The Enforcement Directorate has seized Rs 46.47 crore kept in the bank accounts of loan apps of Chinese companies Paytm, Easebuzz, Razorpay, and Cashfree.
Giving information about this raid, the leading news agency said that the Enforcement Directorate has seized Rs 33.36 crore of Ejbuzz Private Limited.
ED has seized Rs 8.21 crore from the account of Razorpay Software Pvt Ltd Bangalore.
The ED has seized Rs 1.28 crore from the account of Cashfree Payments India Pvt Ltd Bangalore and Rs 1.11 crore from the account of Paytm Payments Services Ltd, New Delhi.
ED had raided these places.
On Thursday, the Enforcement Directorate raided 16 premises of several banks including Delhi, Ghaziabad, Mumbai, Lucknow, and Gaya.
The ED had conducted searches under PMLA in six commercial and residential premises in payment gateway branches and offices.
The raids were conducted in connection with investigations related to app-based tokens called HPZs and related entities in Gurgaon, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur, and Bangalore.
On October 8, 2021, the ED started the investigation of a money laundering case based on an FIR registered under various sections of IPC at Cyber Crime Police Station Kohima, Nagaland.
Fraudsters had stopped payments: Enforcement Directorate
The Enforcement Directorate said the payments were received from users through UPI and various other payment gateways and through nodal accounts or individuals.
It also said that the fraudsters stopped the payment and the website was inaccessible.
The investigation revealed that the HPZ token was operated by Lillian Technocab Pvt Ltd and Shigu Technology Pvt Ltd.
The Enforcement Directorate suspected the involvement of Jillian Consultants India Pvt Ltd, Gurugram behind various companies involved in these frauds.
Paytm said – the news is a lie.
At the same time, Paytm has given a clarification in this whole matter. Paytm has rubbished these reports as false.
Paytm issued a statement saying that the ED has directed us to freeze some amount from the MIDs of specific merchant entities. None of these funds are related to Paytm or our group companies.
