CHINESE LOAN APP CASE | ED raids Razorpay, Paytm, Cashfree

New Delhi/Bengaluru: The Enforcement Directorate stated on Saturday that as part of a money laundering investigation on various rapid app-based loan distributing firms “managed” by Chinese persons, raids were carried out at the Bengaluru offices of online payment gateways Razorpay, Paytm, and Cashfree.

The agency announced this evening that the searches, which began on Friday as part of an ongoing investigation, are still in progress.

The federal investigation agency added that money held in “merchant IDs and bank accounts of these Chinese persons-controlled organisations” totaling Rs 17 crore was taken during the raids.