The probe agency said that the search operation is still going on on Friday at six premises of these companies located in the capital of Karnataka. The ED said in a statement, “Search operations were conducted in Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd (Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd) and other companies controlled or operated by Chinese individualsWent."
The Enforcement Directorate said that Rs 17 crore deposited in the 'merchant ID and bank accounts' of these companies controlled by Chinese persons have been seized in the raids. The agency alleged that these companies are using forged documents of Indian citizens to make directors in a fake manner, while these companies are controlled and operated by Chinese people.
He said that these companies under investigation were raising money from crime by using accounts linked with merchant IT or payment service companies and banks and the addresses given by these companies were also fake.
Actually, Chinese app loan companies are charging huge interest by trapping people in the debt trap. Even without consent, people are being threatened with sending money to the account and returning it with interest.
In many cases, pressure was being made to give money even after repaying several times the amount of the loan taken. Cases of defamation have also come to the fore by sending personal information to family members for non-payment of money.
25-Jun-2025