ED Conducts Nationwide Raids on Pay10 Services in Fraud Probe

The Enforcement Directorate (ED) undertook extensive searches on Wednesday across Delhi-NCR, Punjab, and Uttar Pradesh as part of a money laundering investigation targeting New Delhi-based fintech firm Pay10 Services Pvt Ltd, formerly Bharti Pay.

Raids were executed at multiple locations, including Delhi-NCR, Punjab's Ludhiana and Mandi Gobindgarh, and Agra in Uttar Pradesh, under the Prevention of Money Laundering Act (PMLA). Officials initiated an Enforcement Case Information Report (ECIR) against several payment gateways alleged to be involved in laundering profits generated from cyberfrauds and illegal activities.

During the operation, ED officials seized substantial cash, valuables, and electronic devices. Numerous documents and digital files, suspected to be linked to the laundering scheme, were also confiscated, potentially offering key insights into the financial network and the parties involved. Forensic analysis of these electronic devices is underway to further understand the scale and methods of the alleged fraud.

The agency is meticulously examining transaction records to identify those benefitting from these illicit activities and to trace how the laundered funds were utilized. Authorities indicated that the investigation is ongoing, with additional actions anticipated based on the collected evidence.

(With inputs from agencies.)