Dynamite News ED issues notice to One97 Communication, Managing Director
The notice has been issued by a special director of the agency following the completion of an investigation. Read further on Dynamite News:
New Delhi: The Enforcement Directorate (ED) has issued a show-cause notice to One97 Communication Ltd (Parent company of Paytm), its Managing Director Vijay Shekhar Sharma and others for alleged violations of the Foreign Exchange Management Act (FEMA),1999.
@dir_ed has issued Show Cause Notice (SCN) to M/s One97 Communication Ltd (Parent company of Paytm), and its Managing Director and others for the contraventions of provisions of FEMA, 1999.@Paytm @PaytmMoney @Paytmcare @vijayshekhar pic.twitter.com/ImUMdSOev7
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— Dynamite News (@DynamiteNews_) March 3, 2025
The notice has been issued by a special director of the agency following the completion of an investigation and before the initiation of adjudication proceedings under the said law.
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The notice sought to explain why action should not be taken against them for contravening FEMA provisions.
The ED's move is seen as a significant development, given Paytm's dominance in the digital payments space. The company, which was founded by Vijay Shekhar Sharma, has been at the forefront of India's digital payments revolution.