In the light of recent discussions surrounding investigations by the Enforcement Directorate (ED), Paytm Payments Bank has clarified that there is no investigation against the Bank or One97 Communications Ltd by the probe agency. “One 97 Communications Ltd and Paytm Payments Bank operate with the highest ethical standards. We can confirm that neither we nor the founder-CEO of OCL have been the subject of an investigation by the Enforcement Directorate regarding money laundering,” said a Paytm Payments Bank spokesperson. . , news agency ANI reported.
ED to investigate Paytm Payments Bank
On Saturday, Reuters reported that ED will investigate Paytm Payments Bank if any fresh allegations of fund siphoning are found.
“If there are new allegations of money laundering against Paytm by RBI, these will be investigated by Directorate of Enforcement as per the law of the land,” Reuters quoted Revenue Secretary Sanjay Malhotra as saying.
The clarification comes amid reports suggesting otherwise. “Sometimes, some traders on our platforms have been the subject of investigations, and we cooperate fully with authorities in such cases. We categorically deny any involvement in money laundering activities and believe fair and responsible journalism is crucial for accurate information dissemination,” the spokesperson. added
Further emphasizing the importance of accurate reporting, the statement continued, “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 banning of Paytm Bank by RBI?
In a major action against Paytm Payments Bank Ltd (PPBL), the central bank earlier this week ordered the lender to stop accepting deposits or deposits in customer accounts, wallets, FASTags and other instruments after February 29.
According to various media reports, money laundering concerns and questionable dealings of hundreds of crores of rupees between popular wallet Paytm and its lesser-known banking arm have led the Reserve Bank of India to slow down entities run by Vijay Shekhar Sharma.
The central bank has ordered PPBL to stop most of its business including taking more deposits and conducting credit transactions after February 29.
-With agency inputs
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Published: 04 Feb 2024, 07:32 IST