ED Freezes Funds Value Rs. 46.67 Crore Stored in Fee Gateway Accounts: Report

The Enforcement Directorate (ED) has reportedly carried out raids towards Chinese language-controlled mortgage apps and funding tokens and frozen funds value Rs. 46.67 crore stored in cost gateways resembling Easebuzz, Razorpay, Cashfree and Paytm. The federal company is claimed to have frozen accounts beneath the anti-money laundering legislation. Searches had been carried out on Wednesday at a number of premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow and Gaya, as per a report. Round Rs. 33.36 crore was reportedly discovered with Easebuzz in Pune, whereas Rs. 8.21 crore was detected from Razorpay in Bangalore.

In response to a PTI report, ED had carried out raids at premises of on-line cost gateways together with Easebuzz, Razorpay, Cashfree and Paytm earlier this week as a part of an ongoing investigation on Chinese language-controlled corporations and funding tokens. The central company has seized Rs. 46.67 crore value of funds stored in varied financial institution accounts and digital accounts.

The raids had been carried out beneath provisions of the Prevention of Cash Laundering Act (PMLA), 2002. As per the report, the case was registered by the cybercrime unit of Kohima Police in Nagaland in October 2021.

On Wednesday, searches had been reportedly carried out at a number of premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow, and Gaya. Sixteen premises of banks and cost gateways in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bengaluru had been searched with respect to an investigation associated to an app-based token named HPZ and different entities, talked about the report citing an announcement by ED.

The ED reportedly recovered varied incriminating paperwork in the course of the search operation. Funds had been discovered to be stored within the digital accounts of the concerned entities with cost aggregators. A complete of Rs. 33.36 crore was discovered with Easebuzz in Pune, whereas Rs. 8.21 crore was seized from Razorpay in Bangalore. The ED discovered Rs. 1.28 crore with Cashfree Funds in Bangalore and Rs. 1.11 crore with Paytm in New Delhi.