The Enforcement Directorate (ED) has reportedly performed raids in opposition to Chinese-controlled mortgage apps and funding tokens and frozen funds value Rs. 46.67 crore stored in cost gateways equivalent to Easebuzz, Razorpay, Cashfree and Paytm. The federal company is alleged to have frozen accounts below the anti-money laundering legislation. Searches have been carried out on Wednesday at a number of premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow and Gaya, as per a report. Around Rs. 33.36 crore was reportedly discovered with Easebuzz in Pune, whereas Rs. 8.21 crore was detected from Razorpay in Bangalore.

According to a PTI report, ED had performed raids at premises of on-line cost gateways together with Easebuzz, Razorpay, Cashfree and Paytm earlier this week as a part of an ongoing investigation on Chinese-controlled companies and funding tokens. The central company has seized Rs. 46.67 crore value of funds stored in numerous financial institution accounts and digital accounts.

The raids have been performed below provisions of the Prevention of Money Laundering Act (PMLA), 2002. As per the report, the case was registered by the cybercrime unit of Kohima Police in Nagaland in October 2021.

On Wednesday, searches have been reportedly performed at a number of premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow, and Gaya. Sixteen premises of banks and cost gateways in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bengaluru have been searched with respect to an investigation associated to an app-based token named HPZ and different entities, talked about the report citing a press release by ED.

The ED reportedly recovered numerous incriminating paperwork in the course of the search operation. Funds have been discovered to be stored within the digital accounts of the concerned entities with cost aggregators. A complete of Rs. 33.36 crore was discovered with Easebuzz in Pune, whereas Rs. 8.21 crore was seized from Razorpay in Bangalore. The ED discovered Rs. 1.28 crore with Cashfree Payments in Bangalore and Rs. 1.11 crore with Paytm in New Delhi.