Chinese loan apps: ED raids Paytm, Razorpay, Cashfree

Payment gateways Paytm, Razorpay and Cashfree were raided on Saturday by ED in connection with on-going probe against illegal Chinese loan apps. Searches were conducted at six premises in Bengaluru, including the three fintech firms. Funds worth Rs 17 crore kept in “merchant IDs and bank accounts of Chinese persons-controlled entities” have been seized during raids, the agency said.