New Delhi, Sep 4 (TIWN) Fintech major Paytm on Sunday said that the search operations by the Enforcement Directorate (ED) at six different locations in Bengaluru were carried out on merchants which were independent entities, and none of them were Paytm's group entities.

In a statement, One 97 Communications Ltd, which is the parent company of Paytm, clarified that none of the funds which have been instructed to be frozen belong to Paytm or any of its group companies.  The ED said on Saturday that it carried out search operations at six different locations in Bengaluru in connection with its probe into the Chinese loan apps fraud case.  The financial probe agency said it raided the premises associated with Paytm, Razorpay and Cashfree, all payment gateways which allegedly facilitated transactions on loan apps unauthorisedly run by Chinese-owned firms.  The company said that as a part of ongoing investigations on a specific set of merchants, "the ED has sought information regarding such merchants to whom we provide payment processing solutions".  "It is hereby clarified that these merchants are independent entities, and none of them are our group entities. We are, and will continue to, fully cooperate with the authorities, and all the directive actions are being duly complied with," said the company.