Paytm wallet is going to close on the 29th of February as per the RBI instruction. Now, Paytm is also on the radar of the Enforcement Directorate. A case of money laundering has come to light in Paytm. The Reserve Bank of India has sent this information from the Home Ministry to the Prime Minister’s Office. In such a situation, now the Enforcement Directorate can investigate the matter.
A big fraud has come to light in fintech company Paytm. Here more than a thousand accounts are linked on one PAN account. Many more such accounts have come to light in the audit by the Reserve Bank of India and the auditors. Following this, all kinds of restrictions have been imposed on Paytm with immediate effect. Indian agencies also suspect money laundering. In such a situation, the Enforcement Directorate i.e. ED can also intervene. Reserve Bank of India has tightened its noose due to suspicious transactions worth crores of rupees.
1,000 accounts on 1 PAN Number
An investigation has found that more than a thousand users were added to one PAN number. Such accounts can be used for money laundering. RBI has now sent this information to the Enforcement Directorate, Home Ministry and Prime Minister’s Office. In this regard, Revenue Secretary Sanjay Malhotra has now stated that if any evidence of illegal activity is found then the Enforcement Directorate will investigate the matter.
What is going to be stopped on Paytm?
Reserve Bank of India has banned Paytm from accepting any money after 29th February. Along with this, orders have also been given not to accept any top-ups. Now money cannot be deposited even in a wallet and FastTag. RBI has said that Paytm rules were being violated. Due to this, concerns have increased considerably. Earlier on March 11, 2022, PPBL was stopped from adding new customers.
What to do with Paytm balance
There is no restriction on withdrawing money. Reserve Bank of India has clearly said that there is no restriction on withdrawing the balance from its accounts including Paytm’s savings bank account, current account, prepaid medium, Fastag, and mobility card. However, you can’t add money to these accounts after 29th February 2024.
If you have a certain amount in your Paytm wallet or Fastag you have these option
1 You can spend money even after the 29th of February 2024 but you can add money to the wallet.
2 Transfer money to your account in any bank other than Paytm Bank. Moreover, you can transfer it to other people’s bank accounts including me. HAHAHA
3 Fastag balance can be used after the 29th of February till you have the balance amount.
4 UPI payments will be continued if your account is linked with another bank even after the 29th of February. If not yet linked then link with your account if you want to continue with Paytm. Otherwise, you can choose another company UPI such as BHIM, Phonepe or Google Pay.
Paytm has 35 crore e-wallets.
Paytm has about 35 crore e-wallets. Out of this, 31 crores are inactive. Four crores are active with no money or very little money. In such a situation, there is a possibility of inactive accounts being used for fake accounts. Major irregularities have been found in these accounts. Furthermore, these accounts were found incomplete and incorrect in compliance with bank rules.
Due to this step of the Reserve Bank of India, Paytm’s share has fallen by 40 % in just two days.