On Friday, 6 premises were raided by the enforcement directorate over allegations of money laundering by famous apps like PayTM, Razorpay, and Cashfree Payments. A total of 18 Firs have been registered in this case according to ED. All the raids happened in the cyber capital of India Bengaluru.
According to ED officials, all these companies are operated by Chinese officials. In a fresh press release, ed made a statement that “The modus operandi of these entities is by using forged documents of Indians and making them as dummy directors of those entities, they are generating proceeds of crime. It has come to notice that the said entities were doing their suspected/illegal business through various Merchant IDs/Accounts held with Payment Gateways/banks.”
An amount of Rs 17 Crore has been seized in merchant IDs and bank accounts of these Chinese persons-controlled entities. This is not the first case where these cash loan apps are being known to have their Chinese masters.
The search operation is still in progress. Here is the copy of the Press Release 392022
