Paytm Payments Bank fined Rs. 5.49 crore penalty for Money Laundering
Financial Intelligence Unit-India imposes Rs. 5.49 crore penalty on Paytm Payments Bank.
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.
Read Also : NHPC Ltd Q4 results, 16.3 percent decline in net profitIt 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.
Read Also : Ujjivan small finance bank Q4 results, highest ever PAT at Rs 1,281 crore recordedFurther, 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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