Earlier this month, Reuters had reported the Enforcement Directorate had started a probe into One 97 Communications, also known as Paytm, on suspicion of violation of foreign exchange rules. The firm had denied allegations of forex violations.
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Paytm and the Enforcement Directorate did not immediately respond to Reuters’ requests for comment.
“This is a preliminary examination,” one of the government sources in New Delhi said.
The investigating agency had first sought more information from the Reserve Bank of India, which ordered the Paytm Payments Bank to wind down much of its business by Feb. 29, citing persistent and serious supervisory concerns.
Since the central bank’s order, Paytm has lost nearly 55% of its market value. The company’s shares fell nearly 10% on Wednesday.
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