The ED had frozen about Rs 9.82 crore funds kept in the merchant IDs with certain online payment gateways. As they are a part of the ongoing money laundering investigation against a Chinese-controlled investment application. ED has done this a second time, freezing the funds kept in merchant IDs with very certain online payment gateways.
You will get various Chinese-controlled entities like Come in Network Technology Private Limited and many more. They were in a service agreement with numerous NBFCs and were operating multiple suspicious loan apps like Cashhome, Cashmart, Easyloan, and many more. They indulge in receiving funds from the public on the pretext of operating these apps.
The app-based token under investigation, in this case, is HPZ and the entities whose funds have been frozen are under anti-money laundering. They include Come in Network Technology Private Ltd, Mobicred Technology Private Ltd, Magic Data Technology Private Ltd, and many more.
ED said that “account balances worth Rs 9.82 crore of various Chinese-controlled entities maintained with the payment gateways have been frozen in respect of an investigation relating to the misuse of the app-based token named HPZ and other similar applications by several entities have been frozen.”
Earlier this month, the Enforcement Directorate undertook a similar operation and froze funds worth Rs 46.67 crore. These funds were stated by the agency to belong to certain merchant entities. It is held in payment gateways like Easebuzz, Razorpay, cashfree, and Paytm.
FAQ
- How much amount is frozen by the ED?
Ans. Rs 9.82 crore
- What is the full form of NBFC?
Ans. Nonbanking financial companies
- Which apps based token is under investigation?
Ans. HPZ