Business & Finance National

“Funds Frozen By ED Do Not Belong To Us”: Paytm

paytm

The premises of Razorpay, Cashfree Payments, Paytm Payment Services and entities “controlled” by Chinese persons were covered in the search operation, ED had said

New Delhi: Fintech solutions provider One 97 Communications, which operates the popular payment platform Paytm, dismissed reports that said its bank accounts were frozen after recent raids by the Enforcement Directorate (ED) in connection with the Chinese loan app case.

“… As mentioned in our exchange filing, ED instructed us to freeze certain amount from MIDs of specific merchant entities and none of these funds belong to Paytm or our group companies,” the Paytm said in a tweet. Earlier on Friday, reports said the Enforcement Directorate (ED) detected and froze Rs 46.67 crore kept in various bank accounts and virtual accounts of Easebuzz, Razorpay, Cashfree and Paytm.
Earlier this, the ED carried out search operations at six premises in Bengaluru concerning an investigation of what it termed a Chinese loan app case. The raids were conducted under provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The premises of Razorpay, Cashfree Payments, Paytm Payment Services and entities “controlled” by Chinese persons were covered in the search operation, ED had said.

“As a part of ongoing investigations on a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. It is hereby clarified that these merchants are independent entities, and none of them our group entities,” Paytm had earlier clarified through a regulatory filing to the stock exchanges.

“We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with,” it had added.

Also Read: Gautam Adani Edge Passes Bernard Arnault, Becomes World’s Second Richest Person

During the search operations, ED said it noticed that the entities raided were generating proceeds of crime through various merchant IDs and accounts held with payment gateways and banks and they were not operating from the addresses given on the Ministry of Corporate Affairs’ website or registered addresses and having fake addresses.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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International National

Gautam Adani Edge Passes Bernard Arnault, Becomes World’s Second Richest Person

Ashmita Chhabria

The data shows that Elon Musk is followed by Adani, Arnault, and Amazon founder Jeff Bezos

New Delhi: According to Forbes, Industrialist Gautam Adani chairman of Adani Group edged past Bernard Arnault, the co-founder and chairman of LVMH Moet Hennessy – Louis Vuitton, and became the world’s second richest person. Currently, his worth is $154.7 billion, showing its real-time billionaires list.

The Forbes list is headed by SpaceX and Tesla CEO Elon Musk. Elon Musk’s net worth stands at $273.5 billion. The data shows that he is followed by Adani, Arnault, and Amazon founder Jeff Bezos.

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Reliance Industries Chairman & Manager Mukesh Ambani is placed at number 8 in the list with a net worth of $92.3 billion, behind Microsoft founder Bill Gates (net worth $105.3 billion), Larry Ellison (net worth $98.3 billion), and veteran Wall Street investor Warren Buffet (net worth $96.5 billion).

The Ranks and Net Worth list:
1 Elon Musk $ 273.5
2 Gautam Adani & family $155.4
3 Bernard Arnault & family $ 155.2
4 Jeff Bezos $ 149.7
5 Bill Gates $ 105.3
6 Larry Ellison $ 98.3
7 Warren Buffett $ 96.5
8 Mukesh Ambani $ 92.3
9 Larry Page $ 89.0
10 Sergey Brin $ 85.4
Source: Forbes’ Real-Time Billionaires List

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