Paytm, Razorpay, six other payment gateways in ED crosshairs for crypto scam: Report

Published onET BFSI

Publish Date27 January 2025

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The Enforcement Directorate (ED) has launched an investigation into nine payment gateways, including Razorpay, PayU, and Paytm, freezing Rs 500 crore in their virtual accounts, as The Times of India reported. This investigation is linked to a cryptocurrency scam involving the HPZ Token, allegedly operated by ten Chinese nationals in India.

The accused have purportedly defrauded customers out of Rs 2,200 crore across 20 states in India and have transferred the proceeds out of the country. A portion of these funds was frozen with the payment gateways. Victims were given the option to invest in cryptocurrencies, including Bitcoin, through the mobile app HPZ Token.

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