ED notice to Paytm’s parent company over Rs 611 crore FEMA violation; shares drop 4%

The Enforcement Directorate on Monday said it has issued a notice to Paytm’s parent company, its MD and linked entities for “contravention” of the Foreign Exchange Management Act (FEMA) involving Rs 611 crore.

According to Paytm’s annual report for the financial year 2024, the fintech major’s founder, Vijay Shekhar Sharma, is its chairman, managing director (MD) and chief executive officer.