Paytm Funds Financial institution has been imposed a penalty of Rs 5.49 crore by the Monetary Intelligence Unit of India for violations below the cash laundering act.
FIU-IND initiated a overview of Paytm Funds Financial institution on receipt of particular info from legislation enforcement businesses in respect of few entities and their community of companies engaged in quite a lot of unlawful acts, together with organising and facilitating on-line playing.
The cash generated from these unlawful operations, i.e. proceeds of crime had been routed and channelled by financial institution accounts maintained by these entities with the Paytm Funds Financial institution Ltd, the ministry mentioned.
“The Monetary Intelligence Unit-India (FIU-IND),… has imposed a financial penalty of Rs 5.49 crore on Paytm Funds Financial institution Ltd on the subject of the violations of its obligations below the PMLA (Prevention of Cash Laundering Act),” the ministry mentioned.
The FIU handed its order imposing the penalty on February 15.
The FIU motion follows RBI’s January 31 directive barring Paytm Funds Financial institution from accepting recent deposits or credit within the accounts of its prospects from February 29. The date was later prolonged to March 15.
With inputs from PTI
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