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HomeBusinessWill ED investigate Paytm Payments Bank? PPBL issues clarification

Will ED investigate Paytm Payments Bank? PPBL issues clarification

In light of the recent discussions surrounding the Enforcement Directorate (ED) investigations, Paytm Payments Bank clarified that the investigation agency did not conduct any investigation against the Bank or One97 Communications Ltd. โ€œOne 97 Communications Ltd and Paytm Payments “Bank operate with the highest ethical standards. We can confirm that neither we nor the founder and CEO of OCL have been the subject of investigation by the Enforcement Directorate in connection with money laundering,” a spokesperson for Paytm Payments Bank said. . , reported the ANI news agency.

ED to investigate payments bank Paytm

On Saturday, Reuters reported that ED will investigate Paytm Payments Bank if fresh charges of fund siphoning are found.

“If there are fresh charges of money laundering against Paytm by the RBI, they will be investigated by the Enforcement Directorate as per the law of the land,” Reuters quoted Revenue Secretary Sanjay Malhotra as saying.

The clarification comes amid reports suggesting otherwise. “From time to time, some merchants on our platforms have been the subject of investigations and we fully cooperate with authorities in such cases. We categorically deny any involvement in money laundering activities and believe that fair and responsible journalism is crucial to the dissemination of accurate information” said the spokesperson. aggregate.

Further emphasizing the importance of accurate reporting, the statement continues: “We categorically deny any allegations suggesting our involvement in money laundering activities. We advocate for responsible reporting and emphasize the importance of relying on verified information for public dissemination.”

What led to the RBI banning Paytm Bank?

In a major action against Paytm Payments Bank Ltd (PPBL), the central bank earlier this week directed the lender to stop accepting deposits or top-ups into customer accounts, wallets, FASTags and other instruments after February 29.

According to several media reports, concerns over money laundering and questionable deals running into hundreds of millions of rupees between popular wallet Paytm and its lesser-known banking arm had prompted the Reserve Bank of India to clamp down on the entities led by Vijay Shekhar Sharma.

The central bank has ordered PPBL to stop most of its business, including receiving further deposits and carrying out credit transactions, after February 29.

-With agency contributions

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Posted: Feb 4, 2024, 07:32 am IST

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