NEWDELHI -India’s federal monetary crime-fighting company mentioned on Saturday it was looking out the premises of on-line cost firms as a part of an investigation of Chinese language-controlled corporations and people suspected of illicit lending practices.
The cost firms included Razorpay Pvt Ltd, Cashfree Funds and Paytm Cost Providers Ltd, the Enforcement Directorate mentioned in a press release.
“The premises of Razorpay Pvt Ltd, Cashfree Funds, Paytm Cost Providers Ltd and entities managed or operated by Chinese language individuals are coated within the search operation,” it mentioned.
The searches are a part of a probe involving a Chinese language mortgage app the place there have been allegations of extortion and harassment of consumers who had taken out small loans, it added.
Chinese language managed entities are suspected of involvement in crime and the individuals are accused of forging paperwork of Indian residents to make them administrators of firms producing legal proceeds, the Directorate mentioned.
The company seized 170 million Indian rupees ($2.13 million)in service provider IDs and financial institution accounts of entities managed by Chinese language individuals.
The Directorate didn't identify the businesses or people that it seized the funds from.
The transactions have been carried out through numerous service provider accounts held with cost gateways and banks, it added.
Paytm’s mother or father is One 97 Communications Ltd.
The searches had been being carried out in India’s tech metropolis Bengaluru.
“A few of our retailers had been being investigated by regulation enforcement a few 12 months and a half again. As a part of the continued investigation, the authorities requested extra data to assist with the investigation,” a Razorpay spokesperson mentioned in a press release to Reuters.
Razorpay mentioned it has shared different particulars with the authorities.
Paytm and Cashfree didn't instantly reply to Reuters requests for feedback.
($1 = 79.7170 Indian rupees)
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