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Razorpay
The Enforcement Directorate Friday said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people. The federal probe agency said in a statement that the special Prevention of Money Laundering Act (PMLA) court based in Bengaluru has taken cognisance of the prosecution complaint (chargesheet). A total of seven entities and five individuals have been named as accused in the charge sheet. The accused entities include fintech companies Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are "controlled" by the Chinese nationals and three non-banking financial companies (NBFCs) registered with RBI named X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private ...
The Reserve Bank of India has asked Razorpay and Cashfree to temporarily stop the onboarding of new customers for their payment processing business, according to a source. On the banking regulator's order, Razorpay said it is a temporary move and has no impact on Razorpay's existing business operations and current merchants. "RBI has issued an order a few days back asking Razorpay and Cashfree to stop customer onboarding," a source told PTI. No immediate comments were received from Cashfree. When contacted, Razorpay said it received in-principle approval from the RBI in July for a payment aggregator and payment gateway licence and the company is now required to share additional details with the RBI to aid in the final license process. "As part of this process, the RBI has requested us to temporarily withhold onboarding new online merchants till such details are submitted. As a responsible corporate that operates under the ambit of RBI, Razorpay has abided by the regulatory ...
The ED on Friday said it has frozen fresh deposits worth Rs 78 crore following raids at the premises of payment gateway Razorpay and some banks as part of an ongoing money laundering probe against the alleged illegal operations of loan apps "controlled" by Chinese nationals. The searches were carried out at five premises in Bengaluru on October 19, the Enforcement Directorate said. The money laundering case stems from 18 FIRs filed by the cyber crime police station of Bengaluru police against numerous entities/persons for their involvement in extortion and harassment of the public who had availed small amounts of loans through the mobile apps being run by them. "These entities are controlled/operated by Chinese nationals. The modus operandi of these entities is to use forged documents of Indians and make them dummy directors and generate proceeds of crime. "It has come to notice that the said entities were doing their suspected/illegal business through various merchant IDs/accounts
The ED Friday said it has frozen Rs 46.67 crore funds of merchant entities kept in online payment gateway accounts of Easebuzz, Razorpay, Cashfree and Paytm following raids this week against a "Chinese-controlled" investment token app. The funds have been frozen under the anti-money laundering law. The latest action comes after the Enforcement Directorate (ED), earlier this month, raided the Bengaluru premises of Razorpay, Paytm and Cashfree over alleged irregularities in the operations of instant app-based loan-giving companies "controlled" by Chinese persons. Later, a seizure order for Rs 17 crore kept in their accounts was issued. The latest searches were launched on September 14 at multiple premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow and Gaya in a money laundering case being probed against an app-based token called HPZ and related entities. Sixteen premises of banks and payment gateways in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and .
The Enforcement Directorate Saturday said it is conducting raids at Bengaluru premises of online payment gateways like Razorpay, Paytm and Cashfree as part of an ongoing probe against "illegal" instant smartphone-based loans "controlled" by Chinese persons. The searches were launched Friday at six premises in Karnataka's capital city, it said in a statement. The search operation is in progress, the Enforcement Directorate said. The federal probe agency said it has seized Rs 17 crore worth funds kept in "merchant IDs and bank accounts of these Chinese persons-controlled entities", during the raids. The modus operandi of these entities is that they use forged documents of Indians and make them dummy directors leading to generation of "proceeds of crime", it alleged. "These entities are controlled/operated by Chinese persons," it said. "It has come to notice that the said entities were doing their suspected/illegal business through various merchant IDs/accounts held with payment ...