look news india
New Delhi, March 01 (Hindustan Reporter) The Finance Ministry's Financial Intelligence Unit of India (FIU-IND) has imposed a fine of Rs 5.49 crore on Paytm Payments Bank Ltd on money laundering charges.
The Financial Intelligence Unit of India has imposed a monetary penalty of Rs 5.49 crore on Paytm Payments Bank Limited (PPBL) for violating rules under the Prevention of Money Laundering Act (PMLA) 2002, the Finance Ministry said in a statement issued on Friday. According to the ministry, FIU had passed the order imposing the fine on February 15.
According to the ministry, the money kept in Paytm Payments Bank was used by entities involved in illegal activities. The Finance Ministry said that the funds obtained from these illegal operations, i.e. the proceeds of crime, were transacted through the accounts of Paytm Payments Bank Limited.
It is noteworthy that FIU has taken this action on PPBL after RBI's directive of January 31, in which Paytm Payment Bank Limited was barred from accepting fresh deposits in the accounts of its customers from February 29. Later this date was extended to March 15.