[Update] Paytm, Razorpay Deny Reports Of ED Probe

The Enforcement Directorate (ED) has frozen INR 500 crore in funds linked to a crypto scam, which were held with Paytm, Razorpay, and other platforms. The scam involved the illegal transfer of funds through cryptocurrency transactions, violating regulations. The ED’s action is part of ongoing efforts to clamp down on illicit financial activities in the crypto space. The funds have been frozen pending further investigation and to prevent money laundering activities. The case highlights the increasing scrutiny of cryptocurrency transactions in India and the growing regulatory landscape.