The Enforcement Directorate (ED) was conducting searches on sure premises of One 97 Communications Ltd’s Paytm and cost options supplier PayU, as per a Reuters report.
Commenting on the matter, a Paytm spokesperson stated, “as we have mentioned before, ED continues to seek information about certain merchants from various payment service providers, we have shared the required information.”
Clamping down on unlawful mortgage apps flourishing exterior the common banking channels, a high-level assembly chaired final Thursday by Finance Minister Nirmala Sitharaman requested the Reserve Bank of India (RBI) to arrange a ‘whitelist’ of authorized apps to be permitted in app shops, monitor cash laundering by means of rented accounts, cancel dormant NBFC licenses and take away unregistered cost aggregators inside a timeframe.
Earlier this month, the ED had raided a number of premises in Bengaluru, together with these of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Service and in addition entities managed or operated by Chinese people. The crackdown comes within the wake of complaints towards Chinese mortgage apps and had been carried out below the provisions of the Prevention of Money Laundering Act, 2002.
The RBI has been involved in regards to the proliferation of Chinese mortgage apps. FE