Cases of Chinese loan applicationse: Enforcement Branch, ED took significant action on Saturday. Under the PML Act 2002, the ED raided several sites of online payment gateway companies Razorpay, Paytm and Cash Free in Bengaluru, Karnataka. The ED (Law Enforcement Directorate) says it also seized 17 crore rupees kept in the bank accounts of Chinese people-controlled entities during the raids.
According to the Law Enforcement Directorate, this raid was launched on Friday September 2 in six localities in Bangalore. It was said by the Enforcement Directorate that this raid is still ongoing. The Federal Investigation Agency said it seized merchant IDs and Rs 17 crore held in bank accounts of Chinese-controlled entities during the raids.
According to the ED, the modus operandi of these entities is that they earn illegal income by making them fictitious directors using fake documents of Indian nationals. The ED said these entities are controlled by the Chinese people.
According to the ED, it learned that said entities were engaged in suspicious and illegal activities through payment gateways and various merchant IDs and accounts held with banks. The ED said that during the search operation of the premises of companies such as Razorpay Pvt Ltd, Cashfree Payments and Paytm Payment Services Ltd, it appeared that these were controlled and operated by the Chinese people.
The addresses given on the website of the corporate ministry are false
According to the ED, these entities were earning illegal revenue through various IDs and merchant accounts. The ED also said that during the investigation, it was found that these entities do not operate even from the registered address given on the MCA (Ministry of Corporate Affairs) website. They operate from fake addresses.
18 cases have been recorded at the Bangalore Police Cybercrime Station
The ED said the money laundering case in which the raids are taking place is based on at least 18 FIRs recorded by the Bangalore Police Cybercrime Station. These FIRs have been registered against several entities and individuals. In these cases, the defendants were accused of harassment even for the collection of a small loan.
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