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ED searches premises of Paytm and PayU: Report

The Enforcement Directorate on Wedensday conducted searches on the premises of One 97 Communications Ltd's Paytm and payment solutions provider PayU, CNBC-TV18 reported.

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New Delhi: The Enforcement Directorate on Wedensday conducted searches on the premises of One 97 Communications Ltd’s Paytm and payment solutions provider PayU, CNBC-TV18 reported.

The report added Enforcement Directorate was conducting searches in Mumbai, Delhi, Gurgaon, Kolkata and Lucknow. A request for comment from Reuters was not immediately answered by Paytm, the Enforcement Directorate, or PayU.

Paytm, the digital payment facilitator, reacted to the development saying “as a part of ongoing investigations on a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. It is hereby clarified that these merchants are independent entities, and none of them are our group entities. We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with.”

In compliance with ED, Paytm has also frozen “certain Merchant IDs”. The company issued a statement “It may be noted that ED has instructed us to freeze certain amounts from the Merchant IDs (MIDs) of a specific set of merchant entities (as mentioned by the ED in their press release). It may be further noted that none of the funds which have been instructed to be frozen belong to Paytm or any of our group companies.”

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