Chinese Loan Application Case: ED raids Paytm, PayU offices in various metropolitan cities


Image Source: PHOTO FILE The latest raid on Paytm’s premises took place on September 3.

Case of Chinese loan application: The Enforcement Branch has carried out new searches at several locations belonging to the Paytm and PayU payment gateway. The raid is in relation to Chinese loan applications. According to sources, the raids took place in Mumbai, Delhi, Gurugram, Lucknow and Kolkata. There is, however, no official comment from the Directorate of Enforcement regarding these raids.

The latest searches took place on September 3 at premises belonging to online payment gateway, including Razorpay Pvt Ltd, Cashfree Payments and Paytm Payment Services Ltd.

The case is based on 18 FIRs registered by the Bengaluru City Cybercrime Police Station, against numerous individuals for their involvement in extortion and harassment of the public who had availed small loans through the managed mobile apps. by these entities.

“During investigations, it came to light that these entities are run by Chinese people. The modus operandi of these entities is that by using fake Indian documents and making them dummy directors of these entities, they generate proceeds of crime,” the ED had said. said.

The ED had stated that it was made aware that the entities were carrying out their suspicious activities through various merchant IDs/accounts held with payment gateways/banks.

The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/operated by Chinese persons were targeted by the search operation.

“During research operations, it was noticed that the said entities were generating proceeds of crime through various merchant IDs/accounts held with payment gateways/banks and also not operating from the addresses given on MCA website/registered address and had fake An amount of Rs 17 cr was seized from merchant IDs and bank accounts of these Chinese controlled entities,” the ED official had said.

Meanwhile, a spokesperson for Razorpay said: “Some of our merchants were under investigation by law enforcement about a year and a half ago. As part of the investigation in course, authorities have requested additional information to assist in the investigation. We have cooperated fully and shared KYC and other details. Authorities have been satisfied with our due diligence process.”

Search operations are still ongoing.

(With contributions from the agency)

Also read: Rs 500 cr instant loan and extortion scam involving Chinese nationals busted; 22 inmates

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