Financial Intelligence Unit slaps Rs 5.49 cr penalty on Paytm Payments Bank

New Delhi: The Financial Intelligence Unit-India (FIU-IND) has imposed a penalty of Rs 5.49 crore on Paytm Payments Bank Ltd for violations of money laundering prevention rules, the Union Finance Ministry said on Friday. “FIU-IND initiated a review of the Paytm Payments Bank Ltd on receipt of specific information from law enforcement agencies in respect of few entities and their network of businesses engaged in a number of illegal acts, including organising and facilitating online gambling. Further, the money generated from these illegal operations, that is, proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank Ltd,” the Finance Ministry said. (IANS)

Also Read: New Delhi: Paytm Payments Bank Fined Rs 5.49 Crore for Money Laundering Violations

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