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Singapore's local subsidiary Coda Payments on India's AML radar over $277 million transfers

( September 28, 2022, 00:33 GMT | Official Statement) -- MLex Summary: Singapore's local subsidiary Coda Payments India has appeared on the radar of the Indian financial crime-fighting agency over the collection of payments from end users, allegedly disguised as the sale and purchase of digital content, and remitting the funds overseas. According to the Directorate of Enforcement, the Indian subsidiary acted as an agent, taking unauthorized deductions from the accounts of unsuspecting customers, mostly children playing games, and sent 22.65 billion rupee ($277 million) to its Singaporean parent. According to a statement issued by the ED on Tuesday, the agency had frozen 685.3 million rupee lying in bank accounts, payment gateways and fixed deposits of Coda Payments India under the Prevention of Money Laundering Act, 2002.The Directorate of Enforcement's press release follows:...

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