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The troubles of One97 Communication Group don’t appear to be ending. Now the Monetary Intelligence Unit-India (FIU) has imposed a high-quality of Rs 5.49 crore on its Paytm Funds Financial institution for violation of anti-money laundering guidelines. The Finance Ministry gave this info on Friday. The FIU had acquired info from investigating companies about unlawful actions in relation to some models and corporations related to their enterprise. Based on Bhasha information, this concerned organizing and facilitating on-line playing.
Fraud got here to mild within the evaluation
After receiving the grievance, FIU began evaluation of Paytm Funds Financial institution. The ministry mentioned that the accounts of those models had been in Paytm Funds Financial institution Restricted. The cash acquired from unlawful actions i.e. the proceeds of crime had been despatched elsewhere by the accounts of Paytm Funds Financial institution. The Monetary Intelligence Unit-India has imposed a financial penalty of Rs 5.49 crore on Paytm Funds Financial institution for violation of obligations underneath the Prevention of Cash Laundering Act (PMLA).
RBI has imposed this ban
The FIU handed the order imposing the high-quality on February 15. FIU’s motion follows RBI’s January 31 directive. RBI had barred Paytm Funds Financial institution from accepting contemporary deposits or ‘high up’ its clients’ accounts from February 29. Later the date was prolonged to March 15. Earlier, the board of administrators of One97 Communications has permitted termination of inter-company agreements between the 2 amid the RBI motion on affiliate unit Paytm Funds Financial institution.
Paytm founder Vijay Shekhar Sharma has additionally stepped down as part-time non-executive chairman of PPBL. In addition to, the board of administrators of the corporate has additionally been reorganized. Many challenges are seen for the corporate within the coming instances.
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2024-03-01 15:02:03
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