Paytm and Razorpay Under Fire: ED Freezes ₹500 Crore in Major Crypto Fraud Probe

India's Enforcement Directorate (ED) has launched an investigation into eight major payment gateways, including Paytm and Razorpay, over their alleged involvement in a massive ₹2,200 crore cryptocurrency scam linked to the HPZ Token app. The ED has frozen approximately ₹500 crore in virtual accounts associated with these companies as part of its probe into the fraudulent operations run by ten Chinese nationals across 20 states. Authorities are scrutinizing transaction reports to trace the money trail and ensure compliance with financial regulations. This development raises significant concerns about the security of digital payment platforms in India. 

Source: NewsBytesApp, Money Control, Financial Express