Chinese Loan Apps: Payment Service Platforms Easebuzz, Razorpay, Cashfree, Paytm, Deposited in Online Accounts Rs. 46.67 crore business transactions.

Chinese Loan Apps: Payment Service Platforms Easebuzz, Razorpay, Cashfree, Paytm, Deposited in Online Accounts Rs. The Enforcement Directorate (ED) has banned the transactions of 46.67 crore business firms. The ED has taken action in a money laundering case involving alleged financial manipulation by companies providing instant loans through apps controlled by Chinese individuals. This week, the ED conducted raids on these China loan app platforms.

Earlier this month, raids were conducted on Razorpay, Paytm and Cashfree companies in Bengaluru and orders were issued to confiscate Rs 17 crore deposited in their accounts. Recently on September 14, raids were conducted on the places of the accused in Delhi, Mumbai, Ghaziabad, Lucknow and Gaya. The ED has also examined 16 banks and payment platforms located in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bengaluru in connection with the investigation into HPZ, an app-based token and related entities.

FIR in October 2021:

An FIR was registered on this in October 2021. The case was registered by the Cyber ​​Crime Branch of the Kohima Police in Nagaland. The agency said that during these searches, several documents were found which showed involvement in the crime and they were confiscated. Edgebuzz Rs. 33.36 crores, Razorpay Rs. 8.21 crores and Rs.1.28 crores have been deposited in cashfree, officials have found. He said that Rs.46.67 crores have been frozen in various bank accounts and online accounts only.

A spokesperson for Cashfree Payments said that they are providing full support to the ED operations and provided the necessary information within hours of the enquiry. Paytm said that the fund imposed by the moratorium belongs to the company. Paytm said the units under investigation are independent businesses.

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