Enforcement Directorate will investigate Paytm fraud, matter reached Home and Prime Minister's Office
Paytm On ED Radar: A case of money laundering has come to light in Paytm. The Reserve Bank of India has sent this information from the Home Ministry to the Prime Minister's Office. In such a situation, now the Enforcement Directorate can investigate the matter.
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A big fraud has come to light in fintech company Paytm. Here more than a thousand accounts are linked on one PAN account. Many more such accounts have come to light in the audit by the Reserve Bank of India and the auditors. Following this, all kinds of restrictions have been imposed on Paytm with immediate effect. Indian agencies also suspect money laundering. In such a situation, the Enforcement Directorate i.e. ED can also intervene. Reserve Bank of India has tightened its noose due to suspicious transactions worth crores of rupees.
The investigation has found that more than a thousand users were added to one PAN. Such accounts can be used for money laundering. RBI has now sent this information to the Enforcement Directorate, Home Ministry and Prime Minister's Office. In this regard, Revenue Secretary Sanjay Malhotra has now stated that if any evidence of illegal activity is found then the Enforcement Directorate will investigate the matter.
The Reserve Bank of India has banned accepting any money after February 29. Along with this, orders have also been given not to accept any top-ups. Now money cannot be deposited even in a wallet and FastTag. RBE has said that Paytm rules were being violated. Due to this, concerns have increased considerably. Earlier on March 11, 2022, PPBL was stopped from adding new customers.
The Reserve Bank of India has clearly stated that there is no restriction on withdrawing balance from Paytm's accounts including savings bank accounts, current accounts, prepaid mediums, Fastag, and mobility cards. Due to this step of the Reserve Bank of India, Paytm's share has fallen by 40 per cent in just two days.
Paytm has about 35 crore e-wallets. Out of this, 31 crores are inactive. Four crores are active with no money or very little money. In such a situation, there is a possibility of inactive accounts being used for fake accounts. Major irregularities have been found in these accounts. Found incomplete and incorrect in compliance with bank rules.
