ED freezes over Rs 46-crore worth funds of payment gateway firms
By MYBRANDBOOK
The Enforcement Directorate has frozen Rs 46.67 crore worth funds kept in payment gateways Easebuzz, Razorpay, Cashfree and Paytm under the anti-money laundering law, after it carried out raids against Chinese-controlled loan apps and investment tokens.
The ED said, “Huge balances were found to be maintained in the virtual accounts of the involved entities with payment aggregators like Rs 33.36 crore was found with Easebuzz Private Limited, Pune, Rs 8.21 crore with Razorpay Software Private Limited, Bangalore, Rs 1.28 crore with Cashfree Payments India Private Limited, Bangalore and Rs 1.11 crore with Paytm Payments Services Limited, New Delhi," it said. An amount Rs 46.67 crore was detected and freezed in various bank accounts and virtual accounts.”
The searches were conducted at multiple premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow and Gaya. Sixteen premises of banks and payment gateways in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bengaluru in respect of an investigation related to an app-based token named HPZ and related entities were also covered.
Easebuzz’s spokesperson said, “We, at Easebuzz, would like to clarify that none of the parties mentioned in the ED’s statement belonged to our merchant base. The mentioned entities were only the counterparties of the merchant, who was using our payment gateway and this merchant had been proactively identified and blocked by us much before the investigation had started, as per our internal risk and compliance process.”
Razorpay’s spokesperson said, “None of the funds which have been directed to be frozen by the authorities belong to Razorpay. As mentioned earlier, we will continue to provide necessary information to authorities to assist in this investigation.” Similarly, Cashfree Payments’ spokesperson said, “We continue to extend our diligent co-operation to the ED operations. We were able to provide the required and necessary information within a few hours on the day of enquiry. The operations and on-boarding processes of Cashfree Payments are fully compliant with existing regulations”
BREAKING NEWS
TECHNO TRENDS
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Paytm brings UPI Lite Wallet for low-value transactions
Paytm’s parent company One97 Communications (OCL) is emphasizing upon UP...
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
Cisco committed to help build trusted, resilient future for or
Cisco is delivering on its promise of the AI-driven Cisco Security Cloud to
Autodesk investing in emerging Design & Make technologies to d
Autodesk partners with leading companies in a variety of industries, includ
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
SECUREYE SERVICES PVT. LTD.
BEETEL TELETECH LTD.
IBALL WORLDWIDE PVT. LTD.
SAMRIDDHI AUTOMATIONS PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Debjani Ghosh
Debjani Ghosh is the first woman president of NASSCOM (the umbrella bo...
Technology Icons Of India 2023: Bharat Goenka
Bharat Goenka is the Managing Director of Tally Solutions. He is well ...
Technology Icons Of India 2023: Ashish Kumar Chauhan
Ashish works as the CEO of the National Stock Exchange (NSE). He is al...
PARTNER SPEAKERS
PSU
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
GeM maintains transparency in online procurement of goods & services
Created in a record time of five months, Government eMarketplace is a ...
VIDEOS
Top 25 Brands
Value-Added Distribution
B D SOFTWARE
BD Software is the distributor of IT security solutions in India. The ...
TEXONIC INSTRUMENTS
Texonic has carved a niche for itself in the Technology Distribution i...
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
