ED Raids office of Paytm CashFree and RazorPay in Chinese Loan Apps Probe

During the raid, the ED claimed to have found Rs 17 crore held in “merchant IDs and bank accounts of these Chinese persons-controlled organizations.” ED Raids office of Paytm CashFree RazorPay

The Enforcement Directorate (ED) raided nine locations connected to the online payment gateways Paytm, Razorpay, and Cashfree on Saturday in Bengaluru in relation to a money laundering case.

This was done as part of a larger investigation into some unlicensed loan apps that are allegedly operated by businesses owned by Chinese nationals.

Some of these businesses are allegedly engaged in illegal betting as well. The three payment gateways are purportedly used to enable transactions on these apps.

During the raids, the ED claimed to have found Rs 17 crore stored in “merchant IDs and bank accounts of these Chinese persons-controlled organisations.”

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