Did Paytm company do money laundering? Can ED be investigated?

Paytm Payments Bank: The problems of Paytm Payments Bank are not decreasing. Earlier RBI had ordered the ban. Now ED has also started keeping an eye on the company. According to the news agency, Revenue Secretary Sanjay Malhotra said that if any new allegation of misappropriation of funds is found or if any new allegation of money laundering is made against Paytm by the RBI, then the same will be investigated by the Enforcement Directorate (ED). Will go. Let us tell you that earlier on Saturday, another news agency had told that the Reserve Bank of India (RBI) is considering canceling the license of Paytm Payments Bank Limited at the beginning of next month.

What is the order?

Citing sources, the news agency said the RBI wants to protect depositors first and may take action after the February 29 deadline. Now Paytm Payments Bank will have to stop its customers from using savings accounts or digital payment wallets. SoftBank Group Corp-owned Paytm has been in the regulator's sights for some time now, with several warnings from the RBI over the past two years about suspicious transactions between its popular payments app and its banking arm. Recently, RBI had issued an order to ban most of the business of payment banks, due to which crores of users will be affected.

The company's founder had issued a statement

Company founder Vijay Shekhar Sharma had issued a statement regarding the Paytm case, in which he said that Paytm is taking steps to comply with the order and it will work with other banks. Speaking to journalists through a virtual press conference, Paytm founder said that One 97 Communications Limited (OCL) and Paytm are already working on shifting the nodal accounts to other banks.

Vijay said that no separate details have been sent to us (Paytm) by RBI. Paytm considers this to be just a speed bump. But we believe in the partnership of banks and we will be able to see it in the next few days.

What will happen to those who buy shares through Paytm's app?

President and COO Bhavesh Gupta said that the company is working with many other partners. Talking about equity and insurance sector, he said that RBI's decision will not affect it because both work independently.