Easebuzz, Razorpay, Cashfree, and Paytm have gotten Rs. 46.67 Krore: Report

Easebuzz, Razorpay, Cashfree, and Paytm have gotten Rs. 46.67 Krore: Report ...

The Enforcement Directorate (ED) has reportedly conducted raids on Chinese-owned loan apps and investment tokens, according to reports. The federal agency is said to have frozen accounts under the anti-money laundering laws. A search was conducted on Wednesday at several locations of the accused in Delhi, Mumbai, Ghaziabad, Lucknow, and Gaya. A total of Rs. 33.36 crore was reportedly discovered with Easebuzz in Pune, while a total of Rs. 8.21 crore was discovered from Razor

According to a PTI report, ED had conducted raids on online payment gateways including Easebuzz, Razorpay, Cashfree, and Paytm earlier this week as part of an ongoing investigation into Chinese-controlled firms and investment tokens. The central agency has confiscated Rs. 46.67 crore worth of funds in various bank accounts and virtual accounts.

The raids were carried out under the provisions of the Prevention of Money Laundering Act (PMLA) in 2002. According to reports, the case was classified by the cybercrime unit of Kohima Police in Nagaland in October 2021.

ED reportedly recovered several incriminating documents during search operation. Funds were found to be kept in the virtual accounts of the involved entities with payment aggregators. A total of Rs. 33.36 crore was found with Easebuzz in Pune, while Rs. 8.21 crore was seized from Razorpay in Bangalore. The ED reportedly found Rs. 1.28 crore with cashfree payments in Bangalore and Rs. 1.11 crore with Paytm in New Delhi.

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