The Enforcement Directorate on Saturday stated it’s conducting searches on the Bengaluru premises of on-line cost gateways resembling RazorPay, Paytm and Cashfree as a part of its ongoing probe in opposition to “illegal” immediate smartphone-based loans “controlled” by Chinese people.
It stated in a press release that searches have been launched at six premises within the Karnataka capital on Friday.
The Enforcement Directorate stated that the search operation is on.
The Federal Investigation Agency stated it had seized cash value Rs 17 crore held in “trader IDs and bank accounts of entities controlled by these Chinese individuals” throughout the raid.
The modus operandi of those entities is that they use solid paperwork of Indians and make them dummy administrators thereby producing “crime proceeds”.
“These entities are controlled/operated by Chinese individuals,” it stated.
“It is learned that the said entities were carrying on their suspicious/illegal business through various merchant IDs/accounts with payment gateways/banks.” “The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/ operated by Chinese persons have been included in the search operation,” the ED stated.
The entities underneath investigation have been incomes proceeds of crime via varied service provider IDs/accounts maintained with cost gateways/banks and likewise from the addresses given on the web site/registered addresses of MCA (Ministry of Corporate Affairs) are usually not working and so they have “fake”. tackle, the company stated.
The ED stated that its cash laundering case relies on at the least 18 FIRs registered by the Bengaluru Police Cyber ​​Crime Station in opposition to “multiple entities/individuals for extortion and harassment of public taking loans of small amount through mobiles”. are included in. Apps run by these entities/people.”
With inputs from TheIndianEXPRESS
