Paytm share price cracks over 8% on report of ED investigation into an alleged crypto scam; Fintech issues clarification

Paytm share price plunged over 8% on Friday after a report said that the company and seven other payment gateways have come under the Enforcement Directorate (ED) scanner for alleged involvement in a cryptocurrency scam. Paytm shares declined as much as 8.84% to ₹773.90 apiece on the BSE.

One 97 Communications, the parent company of fintech giant Paytm, is among eight payment gateways that are under investigation by ED, which has frozen around ₹500 crore in their virtual accounts over the past two years, Times of India (TOI) reported.