The Enforcement Directorate (ED) said on Saturday that it has carried out search operations at six different locations in Bengaluru in connection with its probe into the Chinese loan apps fraud case. Also Read – Chinese mobile firms plan to set up plants elsewhere amid India crackdown
According to an IANS report, the financial probe agency raided the premises associated with PayTM, Razorpay and Cashfree, all payment gateways which allegedly facilitated transactions on loan apps unauthorisedly run by Chinese-owned firms. Also Read – ED raids various premises across the country in HPZ app-based token fraud
“During the search operation, it was noticed that the said entities were generating proceeds of crime through various merchant IDs/accounts held with payment gateways/banks. They were also not operating from the addresses given on the MCA website/registered address. An amount of Rs 17 crore has been seized in merchant IDs and bank accounts of these Chinese-owned entities,” said an ED official. Also Read – ED raids CoinSwitch Kuber offices in money laundering probe
The official added that it has come to the ED‘s notice that the said entities were doing business through various merchant IDs/accounts held with payment gateways/banks.
A Cashfree spokesperson told BGR.in, “We extended our diligent co-operation to the ED operations, providing them the required and necessary…
