India's financial crime fighting agency says Paytm violated foreign exchange rules

The Enforcement Directorate (ED) said that Paytm had made a foreign investment in Singapore and did not file the necessary reporting to the Reserve Bank of India (RBI). Paytm had also received foreign direct investment from overseas investors without following proper pricing guidelines stipulated by RBI, the ED said. Paytm's unit, Little Internet, had also received foreign direct investment without following the pricing guidelines stipulated by the RBI, while another unit, Nearbuy India, did not report the foreign direct investment within the stipulated time frame, the agency said.