ED Raids Paytm, Razorpay, Cashfree in 'Illegal' Chinese Loan Apps Case

The searches were launched Friday at six premises in Bengaluru, ED said in a statement.

The Enforcement Directorate on Saturday, 3 September, said it was conducting raids at Bengaluru premises of online payment gateways like Razorpay, Paytm, and Cashfree as part of an ongoing probe against "illegal" instant smartphone-based loans "controlled" by Chinese persons.

The searches were launched on Friday at six premises in Karnataka's capital city, it said in a statement.

The federal probe agency said it seized Rs 17 crore worth funds kept in "merchant IDs and bank accounts of these Chinese persons-controlled entities", during the raids.