Paytm Receives Notice from Financial Crime Agency

India's financial crime agency has issued a show cause notice to Paytm regarding alleged violations of the Foreign Exchange Management Act between 2015 and 2019. This notice pertains to Paytm's acquisition of two subsidiaries. The company is seeking legal advice, stating that there is no impact on its services or customers.

Paytm, a leading digital payment company in India, has received a show cause notice from the country's financial crime fighting agency. The notice addresses alleged violations of the Foreign Exchange Management Act between 2015 and 2019.

The allegations concern Paytm's acquisition of two subsidiaries during this period. The company has responded by seeking necessary legal advice, emphasizing that this development will not affect their services or the experience of their customers.

Paytm maintains that despite the notice, their operations remain unaffected, and they are in the process of addressing the concerns raised by the authorities.

(With inputs from agencies.)