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A bunch of Indian payment gateway companies are being investigated by the Enforcement Directorate (ED) under prevention of money laundering act for allowing Indian customers to transfer money to Chinese betting apps. As per the investigations several Indians were betting on Chinese apps and the money was transferred to the Cayman Islands.
Any payment made by Indians to any app or a wallet must be routed through a payment gateway.
This would be the first time the ED triggered Prevention of Money Laundering Act of 2002 (PMLA) or PMLA against the payment gateway companies.
Investigators have found that payment gateway companies apparently boarded Chinese apps and allegedly allowed processing without adequate due diligence.
Indian Payment Gateway Firms Under ED Scanner For Facilitating Money Transfer To Chinese Betting Apps: Report
by Swarajya Staff - Aug 3, 2021 03:38 AM
Be careful when downloading Chinese apps. (Representative image)
The Enforcement Directorate is investigating several Indian payment gateway firms under the Prevention of Money Laundering Act (PMLA) for allegedly allowing Indian costumers to transfer money to Chinese betting apps, reports
Economic Times.
The ED probe revealed that several Indians were betting on Chinese apps and the money was transferred to the Cayman Islands, a tax haven.
It should be noted that payment made by Indians to any app or a wallet must be routed through a payment gateway.
Airtel Digital to buy 10% stake in Tata Group-led Ferbine
HDFC and Kotak Mahindra banks have also picked up 9.99 per cent stake each in Ferbine.
27 Feb, 2021 - 08:05 AM IST | By indiantelevision.com Team
New Delhi: Bharti Airtel s wholly-owned subsidiary Airtel Digital is all set to buy 10 per cent in Tata Group’s Ferbine Pvt Ltd for Rs 50,000 cash.
With this, the telecom major has joined the race to own a stake in the pan-India umbrella entity (PUE) which has been formed to rival the National Payments Council of India (NPCI).
“The investee company has been incorporated on 18 January 2021 to make an application to Reserve Bank Of India for the PUE license. The main business of the company would be to operate a pan-India umbrella entity for retail payment systems, as would be allowed/ licensed by RBI, subject to approval of the PUE application,” Airtel said in a notice to the National Stock Exchange of India on Friday.
Airtel Digital to buy 10% in Tata Group s Ferbine for bigger finance play
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Airtel, which already runs a payments bank and hopes to become a small finance bank in future, expects the transaction to buy stake in Ferbine to be completed on or before March 5, 2021.
Reuters
Bharti Airtel’s wholly-owned subsidiary Airtel Digital Ltd. has agreed to buy 10% in Tata Group’s Ferbine Private Ltd, for Rs50,000 cash as the telco joins the race to own a stake in the pan-India umbrella entity (PUE) which has been formed to rival the National Payments Council of India (NPCI).
“The Investee Company has been incorporated on January 18, 2021 to make an application to RBI for the PUE license. The main business of the company would be to operate a pan-India umbrella entity for retail payment systems, as would be allowed/ licensed by RBI, subject to approval of the PUE application,” Airtel said in a notice to the stock exchanges Friday.