The finance ministry’s Monetary Intelligence Unit-India (FIU-IND) has imposed a advantageous of Rs 5.49 crore on Paytm Funds Financial institution for “violating its obligations” below the Prevention of Cash Laundering Act.
In a press release on Friday, the finance ministry stated that the FIU-IND initiated a overview of the Paytm Funds Financial institution on receipt of particular info from regulation enforcement businesses about few entities and their community of companies that engaged in unlawful acts, together with organising and facilitating on-line playing.
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The cash generated from these unlawful operations, i.e. proceeds of crime have been routed and channeled by financial institution accounts maintained by these entities with the Paytm Funds Financial institution, it added
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