Paytm stated on Sunday stated that neither the corporate nor Vijay Shekhar Sharma, the CEO of One97, is at present below investigation by the enforcement directorate for money laundering.
The Reserve Bank of India (RBI) had raised issues concerning the creation of quite a few accounts on the financial institution with out correct identification, suspecting potential money laundering actions.
“Neither the company nor its founder and CEO are being investigated by the Enforcement Directorate regarding money laundering. In the past, certain merchants and users on our platforms have been subject to inquiries, and on those occasions, we have always cooperated with the authorities. During any such investigations by the authorities on any set of merchants and users in the past, we have cooperated with them on these investigations,” the corporate stated in an trade submitting.
“We would like to set the record straight and deny any involvement in anti-money laundering activities. We have and will continue to abide by Indian laws and take regulatory orders with the utmost seriousness,” it added.
Paytm Payments Bank Ltd (PPBL) has been instructed by the central financial institution to stop a number of of its operations, together with accepting new deposits, participating in credit score transactions, and facilitating top-ups for buyer accounts, pay as you go devices, wallets, and playing cards used for paying highway tolls, after February 29.
Customers will retain entry to their present deposits and might use the funds of their wallets for companies till the top of February. If the Reserve Bank of India (RBI) maintains its place, the power to high up Paytm wallets will probably be discontinued, and transactions by the platform will now not be doable.
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