Friday, October 7

Tag: Enforcement Directorate Raids 2022

ED Freezes Funds in Chinese Loan Apps; Raids PayTm & Others
Business, India

ED Freezes Funds in Chinese Loan Apps; Raids PayTm & Others

The Enforcement Directorate freezes cash totaling INR 46.67 crore stored in payment gateways like Paytm, Easebuzz, Razorpay, and Cashfree as part of a crackdown on loan apps and investment tokens controlled by the Chinese government. The Enforcement Directorate (ED) conducted searches against Chinese-controlled loan apps and investment tokens on September 14 in Delhi, Mumbai, Ghaziabad, Lucknow, and Gaya, all under the Prevention of Money Laundering Act (PMLA). The Indian federal investigative agency also raided 16 premises of banks and payment gateways in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bengaluru in search of HPZ app-based token as per a money laundering case reported from an October 2021 FIR filed by the cybercrime unit of Kohima Police in...
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