Enforcement Directorate (ED) has taken great action in the case of Chinese loan app. ED has freeze Rs. 46.67 crores kept in bank accounts and virtual accounts of Paytm, Easebuzz, Razorpay and Cashfree.
New Delhi: Enforcement Directorate (ED) has taken great action in the case of Chinese loan app. ED has freeze Rs. 46.67 crores kept in bank accounts and virtual accounts of Paytm, Easebuzz, Razorpay and Cashfree. ED had raided the offices of these companies in the Chinese Loan App case a few days ago.
ED hit six bases including Delhi, Ghaziabad, Lucknow, Mumbai, Bihar on September 14. Apart from this, the ED recorded against the HPZ Loan App in Delhi, Guram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bangalore Paytm Paytm, Easebuzz, Razorpay and 16 were raided on the houses of Cashfree.
During the search, the ED came to know that huge amounts have been kept in the virtual accounts of these companies. Rs 33.36 crore has been found in the accounts of Easebuzz Pvt Ltd (Pune), Rs 8.21 crore in the accounts of Razorpay Software Pvt Ltd, Rs 1.28 crore in the accounts of Cashfree Payments India Pvt Ltd and Rs 1.11 crore in the accounts of Paytm Payments Services Ltd.
According to the ED statement, a total amount of about Rs 46.67 crore in these various bank accounts and virtual accounts were traced and frozen. The ED is probing money laundering in connection with the FIR registered by the Nagaland Police last year.
HPZ Token is an app based company, which promised to give more benefits to the users in the name of investing in bitcoin and other cryptocurrencies. At first the users were lured by HPZ Token F to double the investment when they invested in the company. Payment from users is collected through UPIs and other payment gateways. Initially, a partial amount was also paid to the investors. It is alleged that the balance amount was transferred to the accounts of various individuals and companies through various payment gateways and banks.
The ED had earlier this month searched the premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities run by Chinese individuals. During the search operation, it was found that they are working on the basis of fake addresses. An amount of Rs 17 crore has been seized from merchant IDs and bank accounts of entities controlled by Chinese individuals. During the search operation, it was found that they were operating on the basis of fake addresses.