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One97 communication News
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Shares of One97 Communications, Paytm's parent firm, on Thursday tumbled 10 per cent.
Softbank has started the process to sell a 4.5 per cent stake in the company in a block deal.
The development comes immediately after the lock-in period for Paytm's investors to trade shares ended.
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Paytm dismissed reports that said its bank accounts were frozen after recent raids by the Enforcement Directorate (ED).
ED carried out search operations at six premises in Bengaluru concerning an investigation of what it termed a Chinese loan app case.
The raids were conducted under provisions of the Prevention of Money Laundering Act (PMLA), 2002.
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One97 Communication denies any link with merchants under ED scanner.
Paytm said that none of the funds frozen by the Enforcement Directorate (ED) belongs to it .
ED conducted raids Razorpay, Paytm, and Cashfree premises on Saturday.
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