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The Directorate of Enforcement (ED) has initiated a comprehensive investigation into Paytm dating back to 2021, revealing potential ties to money laundering and illicit betting activities, according to credible sources. Reports indicate that Revenue Secretary Sanjay Malhotra announced on Saturday th
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FAQ :
The ED is investigating potential ties to money laundering and illicit betting activities, as well as the exploitation of payment gateways for trade-based money laundering and channeling funds into cryptocurrency.
Yes, the Reserve Bank of India (RBI) instructed Paytm Payments Bank to suspend basic payment services and prohibited it from offering deposit acceptance and payment processing due to regulatory non-compliance.
Paytm has denied any direct scrutiny by the ED regarding money laundering and stated that its founder and parent company are not the direct target of any investigation. The company asserts it has cooperated with occasional inquiries concerning merchants on its platforms.
Paytm transactions have come under scrutiny in relation to the Mahadev Online Book illegal betting case, where it was identified as one of the payment gateways used for transactions with clients involved in illicit betting operations.
Bets were exclusively accepted via the Unified Payments Interface (UPI) to create a semblance of legitimacy. Over eight lakh fake UPI accounts were identified as part of this scheme.
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