Home Business No fund deposits, operations follow regulatory guidelines: Razorpay on probe agency raids

No fund deposits, operations follow regulatory guidelines: Razorpay on probe agency raids

The ED conducted a search operation in six commercial and residential premises.

New Delhi:

Payment solutions provider Razorpay, which was recently raided by the Enforcement Directorate (ED), said in a statement that it has cooperated with the agency and its funds have not been frozen.

“This recent visit by the ED is part of the ongoing investigation against certain suspected entities who have conducted illegal business through multiple payment gateways/banks,” the company said in a statement on Friday.

A Razorpay spokesperson said, “We have actively blocked all those suspicious entities and their associated funds about 1.5 years ago and have shared their details several times with the ED.”

“All our operations and onboarding processes adhere to the highest standards of governance and regulatory guidelines. No Razorpay funds have been frozen,” the spokesperson said.

The fintech company said that being a regulated financial institution it regularly cooperates with law enforcement agencies and provides necessary merchant information to aid in the investigation process.

The Enforcement Directorate said in mid-September that it had traced and froze Rs 46.67 crore held in various bank accounts and virtual accounts of RazorPay, and three others – EasyBuzz, Cashfree and Paytm – after conducting raids in connection with the Chinese loan app case. done. ,

The agency then said that the total with Ezbuzz Pvt Ltd, Pune is Rs 33.36 crore, Razorpay Software Pvt Ltd, Bangalore with Rs 8.21 crore, Cashfree Payments India Pvt Ltd, Bangalore with Rs 1.28 crore and Paytm Payments Services Rs 1.11 crore. Got Rs. Ltd., New Delhi.

The ED conducted searches under the Prevention of Money Laundering Act (PMLA), 2002 at six commercial and residential premises in Delhi, Ghaziabad, Mumbai, Lucknow, Gaya and 16 other premises of banks and payment gateway branches and offices in Delhi, Gurgaon. Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bangalore in connection with investigations related to app-based tokens called HPZ and related entities.

The agency initiated a money laundering investigation on the basis of an FIR registered on October 8, 2021 by the Cyber ​​Crime Police Station, Kohima, Nagaland under various sections of the Indian Penal Code (IPC).

The ED said the HPZ token was an app-based token that promised users significant returns against investments by investing in mining machines for bitcoin and other cryptocurrencies.

The agency then said, “The fraudsters’ method was to entice the first victims to invest in the company on the pretext of doubling their investment through the HPZ Token app.”

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

RELATED ARTICLES

Rupee rises 13 paise to 81.59 against dollar

<!-- -->The rupee appreciated 13 paise to 81.59 against the dollar in early trade.The rupee appreciated 3 paise to 81.59 against the US dollar...

Nifty rises 61.5 points to 18,679.55 in early trade

<!-- -->Indian stock indices were largely flat in the opening session. (File)Indian stock indices remained largely flat on Wednesday morning and remained at...

RBI set to launch retail digital rupee pilot: 10 points

<!-- -->However, retail digital rupees can be converted into deposits with banks earning interest. (file)New Delhi: Users can transact through digital wallets; ...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

The bloody game of TTP terrorists starts in Pakistan as soon as Aseem Munir arrives! Suicide blast in Quetta, two dead, 24 injured

Islamabad : The threat of Tehreek-e-Taliban Pakistan is once again hovering over Pakistan. The news is coming that there has been a bomb...

World in danger: Scientists in Russia resurrect 48,500-year-old zombie virus

Zombie Virus Revive: The world has not yet emerged from the havoc of Coronavirus that now the danger of...

“Forgive Me Shoaib”: Pakistan Star Recalls Andrew Flintoff’s Reply After Facing His Bouncers | cricket news

File photo of Shoaib Akhtar© YoutubeEngland will play their first Test match in Pakistan in 17 years when the first Test of a three-match...

Six Chinese astronauts gather for the first time in the space station

China Shenzhou-15: Three astronauts aboard a spacecraft arriving at China's under-construction space station today (November 30) met their three colleagues present there. With...

Recent Comments