Enforcement Directorate raids Razorpay, Paytm, and Cashfree

The Enforcement Directorate raided the Bengaluru offices of online payment gateways Razorpay, Paytm, and Cashfree as part of an ongoing investigation into “illegal” instant smartphone-based loans “controlled” by Chinese individuals.

The searches were launched Friday at six premises in Karnataka’s capital city.

It is alleged that these entities use forged Indian documents to create dummy directors, resulting in the generation of “criminal proceeds.”

The investigation is based on 18 FIRs filed by the Bengaluru Police cybercrime station against “numerous entities/persons in connection with their involvement in extortion and public harassment.”