Paytm’s parent entity One 97 communication on Sunday denied any connection with the traders which can be presently beneath the scanner of the Enforcement Directorate’s (ED) in its probe in connection with a chinese loan app. In a statement, the fintech employer said that not one of the budget frozen via the central agency belongs to it or any of its organization firms. The ED past due ultimate week, achieved seek operations at premises of online charge entities including Paytm, Razorpay, and Cashfree.
“As a part of ongoing investigations on a selected set of merchants, the ED has sought records concerning such merchants to whom we offer fee processing solutions. We desire to clarify that those merchants are impartial entities, and none of them are our organization entities” Paytm stated in an regulatory filing on Sunday.
The virtual payments firm said none of the service provider IDs instructed to be frozen via the ED belonged to Paytm or any of its group entities.
“we’re, and could keep to, fully cooperate with the government, and all of the directive movements are being duly complied with,” it brought.
The ED on Saturday said it had carried out raids at six premises of on line fee gateways which include Paytm, Razorpay, and Cashfree in Bengaluru as a part of an research of chinese language-managed companies and individuals suspected of illegal lending practices.
As per a file with the aid of PTI, the ED had seized Rs. 17 crore worth of budget stored in positive service provider IDs and bank accounts that belonged to chinese language citizens. The raids were conducted underneath provisions of the Prevention of cash Laundering Act (PMLA), 2002.
Paytm’s figure One97 Communications is backed by means of China’s Alibaba group retaining and its associate Ant group.
