Thursday, April 25, 2024
Outlook India
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Enforcement Directorate

On Monday, the ministry sought to expedite the inspection and submission of the report regarding BYJU's. Specific details about the inspection could not be immediately ascertained.

The agency looked into over 50 lakh accounts and wallets but didn't find any breaches of foreign exchange rules.

As of now, no irregularities have been detected and a case under FEMA will only be registered once any contravention under the said law is found.

Paytm said that the company and its associates have continued to provide information, documents, and explanations to the authorities as required by them.

The ED has initiated its inquiry against Paytm Payments Bank after the Reserve Bank of India had written to the agency about possible violations of FEMA rules by individuals and companies.

ED and FIU are already probing matters related to the payment gateway under provisions of the anti-money laundering law. 

The action was taken on the basis of "various complaints" received by private people and alleged that Raveendran Byju was issued "several" summons but he remained "evasive and never appeared" before the ED

On September 2, the ED conducted raids in six locations of Razorpay, Paytm, and Cashfree, as part of an ongoing probe against “illegal” instant smartphone-based loans “controlled” by Chinese persons

On Friday, the government agency conducted raids in six locations of online payment companies Razorpay, Paytm, and Cashfree in Bengaluru, as part of an ongoing investigation regarding the illegal instant smartphone-based loans 'controlled' by Chinese persons

The federal probe agency said it has seized Rs 17 crore worth funds kept in "merchant IDs and bank accounts of these Chinese persons-controlled entities", during the raids