New Delhi [India], May 13 : The Enforcement Directorate (ED) on Wednesday conducted searches in Delhi-NCR, Punjab and Uttar Pradesh in a money laundering case against New Delhi-based fintech company Pay10 Services Pvt Ltd formerly known as Bharti Pay.
The raids were conducted at multiple places in Delhi-NCR, Punjab's Ludhiana and Mandi Gobindgarh, as well as Uttar Pradesh's Agra under the Prevention of Money Laundering Act (PMLA) in the matter of Bharti Pay and Ors, said the officials.
In this case, officials said, an Enforcement Case Information Report (ECIR) was recorded against certain payment gateways that are involved in laundering proceeds of crime generated out of cyberfrauds and other unlawful activities.
Preliminary findings suggest that the accused entities facilitated the movement and layering of funds obtained through fraudulent means, thereby helping conceal their origin.
During the searches, ED officials recovered substantial amounts of cash, along with valuables and electronic devices.
Several documents and digital records believed to be linked to the alleged laundering operations were also seized, they pointed out, adding these materials are expected to provide crucial leads into the financial trail and the network of individuals and entities involved.
Sources indicated that forensic examination of the seized electronic devices is underway to uncover further details about the scale and modus operandi of the alleged racket.
The agency is also analysing transaction records to identify beneficiaries and trace the end-use of the laundered funds.
Officials said the investigation remains ongoing, and further action is likely based on the evidence gathered during the raids.
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