Paytm says there is no connection to merchants in the case of the loan application

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Following searches by the Enforcement Directorate (ED) of locations related to Paytm payment services, the company said on Sunday that the merchants under surveillance are not Paytm entities and that the funds seized do not belong not to society.

ED said on Saturday it carried out searches as part of an investigation into the Chinese micro-loan app case at six premises in Bangalore, including those of Razorpay Pvt, Cashfree Payments and Paytm Payment Services.

“As part of ongoing investigations of a specific set of merchants, ED has sought information on those merchants to whom we provide payment processing solutions. It is hereby clarified that these merchants are independent entities and that ‘none of them is an entity of our group,’ Paytm said in a statement to BSE (formerly Bombay Stock Exchange).

He added that he would continue to cooperate fully with the authorities and that all actions of the directive were duly respected.

“It should be noted that the ED has asked us to freeze certain Merchant Identifier (MID) amounts of a specific set of Merchant Entities (as mentioned by the ED in its press release). Note that none of the funds ordered to be frozen belong to Paytm or any of our group companies,” he added.

The case concerns the alleged extortion and harassment of those who took out small loans through the mobile apps operated by people based in China.

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