Shares of One 97 Communications Ltd, the parent company of Paytm, fell 6.73% on Friday, January 24, 2025, following reports of Mint, that the Enforcement Directorate (ED) is investigating eight payment gateways, including Paytm, for alleged involvement in a cryptocurrency scam.
Key Highlights:
- ED Probe: Payment gateways, including Paytm, Razorpay, and PayU, allegedly froze ₹500 crore in virtual accounts linked to Chinese nationals operating a cryptocurrency scam under the HPZ Token app.
- Scam Details: Over ₹2,200 crore was collected across 20 Indian states, with proceeds allegedly remitted out of the country.
- Paytm’s Role: Paytm reportedly froze ₹2.8 crore linked to the alleged scam, a relatively small portion compared to others.
The investigation and association with the scam have weighed on investor sentiment, leading to a significant drop in Paytm’s stock price, which hit ₹791.95, down from its previous close of ₹849.10.
Paytm Share Price history
| Day | Open | Close | Change % |
|---|---|---|---|
|
Thu, Jan 23 2025
|
₹843.00
|
₹849.10
|
|
|
Wed, Jan 22 2025
|
₹850.00
|
₹841.35
|
-1.52%
|
|
Tue, Jan 21 2025
|
₹901.00
|
₹854.30
|
-4.93%
|
|
Mon, Jan 20 2025
|
₹901.00
|
₹898.60
|
-0.17%
|
|
Fri, Jan 17 2025
|
₹896.00
|
₹900.15
|
|
|
Thu, Jan 16 2025
|
₹879.00
|
₹895.00
|
|
|
Wed, Jan 15 2025
|
₹822.50
|
₹859.05
|
|
|
Tue, Jan 14 2025
|
₹793.05
|
₹817.90
|
|
According to Mint, the ED has alerted the RBI and Financial Intelligence Unit (FIU) to track fund flows and ensure compliance with suspicious transaction reporting requirements.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions.
