The ED has said that extortion was done from people through estate loan apps.
Customer information held by Paytm and Razorpay was used for criminal purposes.
These apps used to collect personal information of the customer as soon as the instant loan apps were downloaded on the phone.
New Delhi. On September 3, the Enforcement Directorate raided the locations of Paytm, Razrape and Cashfree in Bengaluru. ED says that this raid took place in the case of Chinese instant loan app. The ED says that the raids started on Friday. Significantly, the control or operation of these three companies is mainly in the hands of Chinese companies.
This action has been taken by the Bangalore Police after the registration of 18 FIRs related to the estate loan app. Several people who took loans through these apps had committed suicide after which the central agency swung into action. have been done.
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What is the matter of Instant Loan App?
During the peak of Kovid-19, many people had taken loans through these instant loan apps. These were operated by companies based in China. This loan was available at very expensive interest rates and as soon as the apps were downloaded in the phone, all the information about the phone would reach the companies. This personal information was used to intimidate borrowers and charge unreasonable interest from them. This was the reason many people committed suicide after taking loans through these apps.
What is the role of Paytm and other companies?
In fact, the ED says that the documents of Indian citizens possessed by these companies are used to make them fake directors, while those companies are being operated by people sitting in China. According to the ED, these companies under the scanner were raising money from the crime by using merchant IDs or accounts linked to payment service companies and banks and the addresses given by these companies are also fake. ED is investigating these cases under PMLA.
What did the companies say?
In this context, Paytm spokesperson said, “We are cooperating with law enforcement agencies. Some merchants are under their scanner about whom the agencies had sought information from us.” A Razorpay spokesperson said, “Some of our merchants were investigated by law enforcement about a year and a half ago. In connection with the ongoing investigation in this regard, the officials asked us for additional information. We cooperated fully and gave them the KYC and other details.” At the same time, Cashfree Payments said that full cooperation was given in the operation of ED and necessary information was given to them on the day of investigation itself.
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Tags: business news in hindi, CHINESE APPS, digital payment, Directorate of Enforcement, ED investigation, Paytm
FIRST PUBLISHED : September 04, 2022, 12:15 IST