Financial Crime Agency Notifies Paytm in India with No Business Impact

On March 1, Paytm, a company in India, received a show cause notice from the country's financial crime fighting agency. The notice alleges violations of India's Foreign Exchange Management Act in connection with the acquisition of two subsidiaries, Little Internet Private Limited and Nearbuy India Private Limited, between 2015 and 2019. Paytm clarified that the alleged violations occurred when these companies were not yet its subsidiaries. The company made clear that the notice does not affect its services to customers and businesses.