In the Chinese loan app case, the ED has raided the premises of digital payment companies. The ED said on Saturday that its team has raided the locations of online payment gateways Razorpay, Paytm and Casfree. The raids were conducted in connection with cases related to ‘illegal’ instant smartphone-based loans controlled by Chinese people. The ED said that raids were started at six places in Bengaluru on Friday. During the raid, the ED has seized Rs 17 crore kept in merchant IDs and bank accounts of entities controlled by the people of China. The raids are still going on there.
Raids at 6 places in Bangalore
According to the Enforcement Directorate, this raid has been started on September 2 at six places in Bengaluru. It has been said from the Enforcement Directorate that this raid is still going on. The Federal Investigation Agency said it has seized Rs 17 crore held in merchant IDs and bank accounts of entities controlled by Chinese people during the raid.
Paytm said, ‘ED had directed to withdraw some amount from the merchant ID of some merchant entities. We would like to state that none of these funds, which have been directed to be withheld, are related to Paytm or any of our group companies.
These institutions sitting in China are being controlled
According to the ED, the modus operandi of these entities is that they are earning illegal income by making them dummy directors by using forged documents of Indian citizens. The ED has said that these institutions are controlled by the people of China.