And Now, Case Against Paytm Directors For Fraud Transactions

After a case against Snapdeal’s directors for selling prescription drugs online, a case has been filed against Paytm director (Vijay Shekhar sharma and Harinder Pal) for fraud transactions under sections of forgery and IT Act.Paytm-Cash-Wallet
As per Madhya Pradesh police, the fraudsters called up customers, identifying themselves as bank managers with lucrative job opportunities.

During conversations accused claim that there is a problem with the ATM card of the customers and asked for the ATM and pin numbers on the pretext of changing the ATM card and pin number.
As soon as the ATM card and pin numbers are given, the customer gets an alert on his mobile about the amount debited from his account. After getting ATM number the gang used mobile wallets such as “Paytm” as gateway to transfer money from the customer to their SIM card and used it for recharge, DTH and online shopping. [source]

So far, 313 people have been duped for a sum amounting to 20 lakhs. Police has also booked case against Xenon Value Services India Private Limited, Vtech ventures, designing hub and
Signs that mobile payment/wallet space and related regulations needs to mature up? And more awareness needs to be created among consumers regarding the privacy/usage  of these payment instruments?


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