ED freezes Rs 46.67 crore in Chinese loan app case

New Delhi [India], September 16 (ANI): The Enforcement Directorate has frozen Rs 46.67 crore kept in various bank accounts and virtual accounts of Easebuzz, Razorpay, Cashfree and Paytm after recent raids in the Chinese loan app case.
A total of Rs 33.36 crore was found with Easebuzz Private Limited in Pune, Rs 8.21 crore with Razorpay Software Private Limited in Bangalore, Rs 1.28 crore with Cashfree Payments India Private Limited in Bangalore and Rs 1.11 crore with Paytm Payments Services Limited in New Delhi.
Earlier, the Enforcement Directorate (ED) carried out search operations at six premises in Bengaluru in respect to an investigation relating to the Chinese loan app case.
The federal agency conducted the raids under provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency said on Saturday.
The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled and operated by Chinese Persons were covered in the search operation, said the ED.
During the search operation, ED said, it was noticed that the entities raided were generating proceeds of crime through various merchant IDs and accounts held with payment gateways and banks and they are also not operating from the addresses given on the MCA website or registered addresses and having fake addresses.
The case is based on 18 FIRs registered by Cyber Crime Police Station, Bengaluru City against numerous entities and persons in connection with their involvement in extortion and harassment of the public who had availed small amounts of loans through the mobile apps being run by those entities and persons. (ANI)