Paytm gets ED show cause notice for transactions involving over Rs 611 cr

One97 Communications (OCL), the operator of the Paytm brand, has received a show cause notice from the Enforcement Directorate (ED) for alleged violations of the Foreign Exchange Management Act (Fema) involving aggregate transactions worth over Rs 611 crore related to the acquisition of its subsidiaries.

The alleged violations pertain to the company’s acquisition of two subsidiaries—Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL), formerly Groupon—including certain directors and officers.