ED requested that payment gateways and banks freeze the bank accounts of 100 fintech firms


The Enforcement Directorate (ED) reportedly requested that payment gateways and banks freeze the bank accounts of nearly 100 fintech firms, including startups, without providing a reason.


According to a Mint report citing sources, the ED Hyderabad shared a list of about 100 fintech firms with payment gateways whose bank accounts need to be blocked two weeks ago. According to reports, the ED is summoning these fintech firms because of their connections with Chinese investors. So far, 15-20 of the 100 fintech firms, including Pagarbook, Progcap, and Krazybee, have received a reprieve.

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