Paytm, Razorpay, six other payment gateways in ED crosshairs for crypto scam: Report
payment gateways, including Razorpay, PayU, and Paytm, freezing Rs 500 crore in their virtual accounts, The Times of India reported. This probe is linked to a cryptocurrency scam, HPZ Token, allegedly operated by 10 Chinese nationals from India.
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The accused have allegedly scammed customers out of Rs 2,200 crore across 20 states in India, and transferred the proceeds out of India. A part of this was frozen with the payment gateways. People were given the option to invest in cryptocurrencies, including Bitcoin through the mobile app HPZ Token.
The government agency is checking if the payment gateways flagged the suspicious transactions, and alerted the central bank and the Financial Intelligence Unit (FIU).
As per the report, PayU had the highest portion of Rs 500 crore, at Rs 130 crore, followed by Easebuzz with Rs 33.4 crore, Razorpay with Rs 18 crore and Rs 2.8 crore with Paytm.
Shares of One97 Communications, which operates the payments platform Paytm, fell by up to 9% to a day's low of Rs 773.90 on Friday after the report emerged.
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