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Funds frozen with the aid of using ED do not belong to them, clarifies part New Delhi:

Fintech answers company One ninety-seven Communications, which operates the famous charge platform Part, brushed off reviews that stated its financial institution money owed had been frozen after latest raids with the aid of using the Enforcement Directorate (ED) in reference to the Chinese mortgage app case…. As referred to in our trade submitting, ED told us to freeze positive quantity from MID’s of precise service provider entities and none of those price range belong to Part or our institution companies,” the Part stated in a tweet Earlier on Friday, reviews stated the Enforcement Directorate (ED) detected and iced up Rs 46. sixty-seven crore saved in diverse financial institution money owed, and digital money owed of Ease buzz, Razor pay, Cash free and Part. Earlier this, the ED performed seek operations at six premises in Bengaluru regarding research of what it termed a Chinese mortgage app case.

The raids had been carried out below provisions of the Prevention of Money Laundering Act (PMA), 2002.

The premises of Razor pay, Cash free Payments, Part Payment Services and entities “controlled” with the aid of using Chinese men and women had been protected with inside the seek operation, ED had stated.

“As part of ongoing investigations on a selected set of traders, the ED has sought statistics concerning such traders to whom we offer charge processing answers. It is hereby clarified that those traders are impartial entities, and none of them our institution entities,” Part had in advance clarified via a regulatory submitting to the inventory exchanges. “We are, and could preserve to, completely cooperate with the authorities, and all the directive moves are being duly complied with,” it had added.

During the quest operations, ED stated it observed that the entities raided had been producing proceeds of crime via diverse service provider IDs and money owed held with charge gateways and banks and that they had been now no longer running from the addresses given at the Ministry of Corporate Affairs` internet site or registered addresses and having faux

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