One97 Communications denies reports of investigation or violation of Foreign Exchange rules it, or its associate bank

New Delhi [India], February 5 : Paytm has refuted reports claiming an investigation by the Enforcement Directorate on the company, saying that the federal agency is neither investigating One97 Communications, owner of the Paytm brand, nor its founder and CEO, Vijay Shekhar Sharma, for money laundering.
In an official release issued on Monday, the company termed the reports to be entirely 'misleading, baseless and malicious'.
"We would like to reiterate that the company and its associate Paytm Payments Bank Limited are not the subject matter of any such investigation. Such media reports are entirely misleading, baseless, and malicious, which harm the interests of all our stakeholders," the company said.
The company further said that it filed a specific clarification on Sunday, categorically denying any investigation by the Enforcement Directorate on OCL, our associates, and our management.
"We have since seen additional media reports making baseless speculations about investigations of the company or its associate Paytm Payments Bank Limited (PPBL) for violation of foreign exchange rules," it said, adding that Paytm will continue to post such clarifications as required.
"To address recent misinformation, factual inaccuracies, and speculation, One97 Communications Limited (OCL, Paytm, or Company) would like to set out the company's position and directly address rumours in the recent misleading media reports about the company. This filing is done in the interest of transparency and protecting our reputation, customers, shareholders, and stakeholders from being influenced by unwarranted and speculative stories. We will continue to post such clarifications as required," it added.