The Enforcement Directorate (ED) is reportedly conducting an investigation into currency transactions involving Paytm and Paytm Payments Bank.
#paytm #paytmpaymentbank #paytmearnmoney #paytmcash #ED #RBI
~PR.147~ED.148~GR.121~HT.96~
#paytm #paytmpaymentbank #paytmearnmoney #paytmcash #ED #RBI
~PR.147~ED.148~GR.121~HT.96~
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NewsTranscript
00:00 Paytm's problems are not less.
00:03 Enforcement Directorate (ED) is investigating Paytm Payments Bank.
00:08 Paytm is accused of fraud in a transaction worth crores of rupees.
00:12 Paytm Payments Bank has received lakhs of accounts which the accountants were not aware of.
00:17 These accounts were not done in the correct way.
00:21 Now, the ED's sword has been hung on Paytm.
00:24 The investigation has begun and the company has also issued a statement.
00:28 We will explain the whole matter in the video.
00:30 First of all, let's know why the ED's investigation has started on Paytm.
00:33 A few days ago, a report was released stating that Paytm has taken an investment from China.
00:39 In a country, for any NBFC, the reserve bank has to take permission from the countries outside the Indian border for a rupee transaction.
00:47 The accusation is that PPBL did not follow the process properly and there were shortcomings in it.
00:52 The government has started an investigation on Paytm on the suspicion of Foreign Direct Investment (FDI)
00:58 which means that the founder of Paytm and his company are suspected of being involved in money laundering.
01:02 ED, which is a government investigation agency, has started a preliminary inquiry in this matter.
01:08 ED is investigating under the Forex (Foreign Exchange Market) and the Foreign Exchange Management Act (FEMA)
01:16 to find out if the money has been routed to the right place and the source of money will also be tracked.
01:23 After the RBI investigation, it was revealed that the crores of such accounts whose KYC was not updated properly.
01:30 In this way, the transaction of crores of rupees was made with the open accounts by breaking the rules.
01:34 The company did not follow the pre-paid payment instrument and operated these bank accounts by violating the rules.
01:42 Under the government rules, more than 2 lakh rupees were stopped from a wallet account.
01:47 But here the transaction was of crores of rupees.
01:50 It was also revealed that many accounts were opened from a pan on Paytm Payments Bank.
01:54 Crores of rupees were transacted from these accounts.
01:57 This is the reason why the RBI took action against Paytm Payments Bank.
02:01 There were also problems in the money and data traffic flow of Paytm.
02:05 The company was also accused of violating foreign currency rules, due to which regulatory questions arose.
02:11 Paytm officials have recently collected some documents, after which some questions were also asked.
02:16 Now more inquiries are being done.
02:18 Well, ED has said that no irregularities have been found so far and the case will be filed under FEMA only when there is a violation under that law.
02:27 After this, the company issued an official statement and said that 197 communication and its subsidiary companies have given information, documents and statements to all agencies including ED.
02:38 Our subsidiary companies are answering all kinds of questions.
02:41 Paytm Payments Bank does not do outward foreign remittance.
02:45 This has been said by Paytm.
02:47 Well, on February 5, the company also said that ED is not investigating against us.
02:52 Some time ago, an investigation was started against some merchants on our platform.
02:57 Paytm is fully cooperating in this investigation.
03:01 Paytm also said that it will give all information in front of SEBI.
03:05 Paytm has repeatedly denied all evidence related to the FEMA violation against the company.
03:11 And has told all reports completely baseless and misleading.
03:15 Paytm's parent company 197 has come into more trouble after the ED investigation.
03:20 The company's shares are not performing well in the share market.
03:24 Recently, McQuarrie also called it underperform.
03:27 Foreign investors, who we also call FII, have started selling Paytm shares.
03:32 In December 2023, Paytm's FII sold shares worth Rs 7,441 crore.
03:39 According to the Economic Times report,
03:41 the foreign investors' holding value has decreased to Rs 25,706 in 197 communication.
03:47 This was Rs 33,148 crore in the last quarter of December 2023.
03:52 Now the investigation of ED has also started.
03:55 Well, it will be seen whether it is really investigating merchants or Paytm Payments Bank.
04:01 You will get the update on this on Goodreturns.
04:03 We have already put some reports on it through videos.
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