ED issues Rs 611 Crore notice to Paytm’s parent company

The Enforcement Directorate (ED) on Monday said it has issued Rs 611 Crore show cause notice to Paytm’s parent company and linked entities for “contravention” of the Foreign Exchange Management Act (FEMA) on various counts.

The notice has been issued by a special director of the federal agency before the initiation of adjudication proceedings.

The show cause notice has been issued to Paytm’s flagship company One 97 Communication limited (OCL), its managing director and other Paytm subsidiary companies like Little Internet Private Limited and Nearbuy India Private Limited for contraventions of the provisions of the FEMA to the tune of around Rs 611 Crore, the ED said in a statement.