Paytm Payments Bank fined Rs 5.49 crore for money laundering violations

Bengaluru: The Financial Intelligence Unit (FIU) on Friday pinned the already embattled Paytm Payments Bank Ltd (PPBL) under the Prevention of Money Laundering Act (PMLA). The financial regulator has fined PBBL with a charge of Rs 5.49 crore, on the grounds that the Paytm subsidiary’s users engaged in a number of illegal activities, including organising and facilitating online gambling, it said in a press statement.

“FIU-IND initiated a review of the Paytm Payments Bank Ltd on receipt of specific information from law enforcement agencies in respect of a few entities and their network of businesses engaged in a number of illegal acts,” it noted.