Paytm Payments Bank fined Rs. 5.49 crore penalty for Money Laundering

New Delhi: The Paytm Payments Bank which has been under controversy for the past month, now is seeing a big problem as the Financial Intelligence Unit-India (FIU-IND) imposed a penalty of Rs. 5,49,00,000 (Five Crore and Forty Nine Lakhs) for violating its obligations under the PMLA read with the Prevention of Money Laundering.

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It is mentioned that the FIU-IND initiated a review of the Paytm Payments Bank Ltd on receipt of specific information from law enforcement agencies in respect of few entities and their network of businesses engaged in a number of illegal acts, including organising and facilitating online gambling. 

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Further, the money generated from these illegal operations, i.e. proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank Ltd.

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