Online payments platform Paytm’s parent company, One 97 Communication (OCL), allegedly made certain foreign investments in Singapore without informing India’s banking regulator, the Reserve Bank of India, reported the news agency PTI on Monday, March 3.
According to the investigation, the Enforcement Directorate (ED) alleged that they found OCL “did not” file the necessary reporting meant to be filed with the national banking regulator RBI for the creation of a step-down subsidiary firm.
The investigation also allegedly revealed that the parent company also received foreign direct investment (FDI) from foreign investors “without following” proper RBI pricing guidelines, as per the report.
ED’s show cause notice to Paytm
Paytm’s parent, One 97 Communication, received a show cause notice from the Enforcement Directorate (ED) over an alleged ₹611 crore Foreign Exchange Management Act (FEMA) violation, according to an exchange filing on Saturday, March 1.
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