This happened after RBI wrote to ED in the last week of November 2023, informing it of possible breaches. Within 10 days, ED wrote back to RBI in December, seeking information on the “entities” that had allegedly violated Fema, sources said. ED had also sought details on entities that had made suspiciously “huge” deposits in Paytm wallets.
The Directorate of Enforcement is probing potential violations of forex laws linked to entities using Paytm Payments Bank. More stories around the fintech in todays ETtech Morning Dispatch.
The Directorate of Enforcement (ED) sought additional information from the Reserve Bank of India (RBI) less than two months ago, on alleged violation of the Foreign Exchange Management Act (Fema) by individuals and companies using Paytm Payments Bank, people in the know told ET.
'According to the ED’s complaint, Priyanka Gandhi had bought five acres of agricultural land in Amirpur village in Haryana’s Faridabad district from a Delhi-based real estate agent, H.L. Pahwa, in 2006 and sold it back to him in 2010'
Influencers are promoting binary-trading platforms that have been blacklisted by the RBI. Apart from attracting penalties, investors also have no legal recourse if things go wrong.