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ED search at 6 facilities in Bengaluru in case of Chinese loan application


The premises of Razorpay Pvt ltd, Paytm Payment Service, Cashless Payments – run by Chinese nationals – were covered up during the raids and so far an amount of Rs 17 has been seized keep from the merchant ID and their bank account.

Executive Board

The enforcement director said searched entities were inactive from their registered address

Six establishments in Bengaluru were searched by the Enforcement Bureau (ED) on September 2 in connection with an investigation into a Chinese loan application case under the provisions of the Anti-Money Laundering Act (PMLA). .

The premises of Razorpay Pvt ltd, Paytm Payment Service, Cashless Payments – run by Chinese nationals – were covered up during the raids and so far an amount of Rs 17 has been seized keep from the merchant ID and their bank account.

The case is based on 18 FIRs registered by the Bengaluru Cybercrime Police Department against entities and people involved in their involvement in blackmail and public harassment who used small loans through via mobile apps operated by them, the financial investigative agency said.

“These entities are controlled by the Chinese. These entities used forged documents of the Indians and made them fake directors of the entities to generate proceeds of crime. The entities conducted their illicit business through various merchant IDs and accounts held with Payment Gateways and banks,” ED said in a statement.

“The entities also do not operate from their registered address,” the financial investigation agency said.

Also read: | ED attaches assets worth Rs 76 Crore in Chinese loan app scam

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