Confirming media reports, the Enforcement Directorate announced on Friday (September 16) that it conducted multiple raids on banks and fintech startups on Wednesday as part of a money laundering investigation.
The agency stated in a public statement that during the crackdown, an amount totaling INR 46.67 Cr associated with various Chinese lending apps and lying in various bank and virtual accounts was frozen. The investigation is currently underway, according to the law enforcement agents. Multiple incriminating documents were seized during the searches, according to the report. Furthermore, the ED noted that ‘huge balances’ were maintained in the accused entities’ virtual accounts. The operations took place at 22 commercial and residential locations in major cities such as Delhi, Mumbai, Bengaluru, Hyderabad, and Pune, among others. The raids targeted banks, payment gateways, and other major fintech companies such as Cashfree, Razorpay, and Paytm.