Paytm Payments Bank: ED starts questioning Paytm officials: ED has started investigation on Paytm Payments Bank Limited. Official sources said that ED has interrogated senior officials of Paytm and collected documents from them.
In fact, on January 31, 2024, RBI had directed to ban Paytm Payments Bank Limited. Apart from this, RBI had also directed to stop accepting deposits or top-ups in customer accounts.
According to sources, the central agency is conducting a preliminary examination of the documents before deciding to initiate a formal investigation into the alleged irregularities identified by the RBI in the fintech company under the Foreign Exchange Management Act (FEMA).
Paytm officials recently submitted some documents after which some questions were asked from them. Sources said that some more information has been sought.
He said that at present no irregularities have been found and a case under FEMA will be registered only if any violation is found under the said law. Let us tell you that the investigation related to Paytm under the Prevention of Money Laundering Act (PMLA) has already been going on for some time.
Paytm's response to ED investigation
Yesterday, One97 Communications said in an exchange filing that Paytm Payments Bank is receiving notices and requests for information regarding customers of related entities. Let us tell you that One97 Communications, which provides financial services under the Paytm brand, and its banking branch is Paytm Payments Bank. Paytm said its associate Paytm Payments Bank Ltd does not do outbound remittances.
Paytm said in a regulatory filing
One 97 Communications Limited (OCL), its subsidiaries and its associate, Paytm Payments Bank Limited, have from time to time been receiving notices and demands for information, documents and clarifications from authorities including the Enforcement Directorate (ED) in respect of customers. Who must have done business with the concerned entities, and must have provided necessary information, documents and explanations to the authorities.Paytm said the company and its affiliates have continued to provide information, documents and clarifications to the authorities as per their requirement.
According to sources, earlier this month, the Enforcement Directorate and the Financial Intelligence Unit asked the RBI to share its report on the recent action taken to stop Paytm Payments Bank Ltd from accepting deposits or top-ups into customer accounts Was. The central bank on January 31 directed it to stop accepting deposits or top-ups in any customer accounts, wallets, Fastag and other instruments after February 29.
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