Enforcement Directorate seizes Rs 17 crore in Chinese loan app case

New Delhi, September 5

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The Enforcement Directorate today said the search operations in Bengaluru had led to the seizure of Rs 17 crore in merchant ID and bank accounts of Chinese-controlled entities. The searches were conducted under provisions of the Prevention of Money Laundering Act (PMLA) in connection with the agency’s probe into Chinese loan App case, it said.

These entities allegedly used forged documents of Indians and made them dummy directors leading to generation of “proceeds of crime”, the agency said, adding that it had come to notice that the said entities were doing their suspected/illegal business through various merchant IDs/accounts held with payment gateways/banks.

The premises of Razorpay, Cashfree Payments, Paytm and entities controlled or operated by Chinese persons were covered in the search operation.