Chinese loan apps probe: ED raids Paytm, Razorpay, Cashfree premises

THE ENFORCEMENT Directorate (ED) on Saturday conducted raids at nine premises associated with online payment gateways Paytm, Razorpay and Cashfree in Bengaluru in connection with a money laundering case — part of an ongoing probe against some unauthorised loan apps allegedly run by companies owned by Chinese nationals.

Some of these companies are also alleged to be involved in illegal betting. Transactions on these apps were allegedly facilitated through the three payment gateways.

The ED said it had seized Rs 17 crore kept in “merchant IDs and bank accounts of these Chinese persons-controlled entities” during the raids.