FIR lodged against PayTM in E-commerce Scam

[timepass]

Finally, the birds are coming home to roost for PayTM, and I bet Ratan Tata rues the day he put his money in this venture.

http://timesofindia.indiatimes.com/...ectors-in-fraud-case/articleshow/47134081.cms

Madhya Pradesh police books Paytm directors in fraud case

BHOPAL: Madhya Pradesh police on Saturday booked the directors of Paytm - a mobile commerce platform - along with authorities of several other e portals in a case of alleged forgery with over 300 people across the state.

Case has also been registered against directors of Xenon Value Services India Private Limited, Vtech ventures, designing hub and apkacareer.com.

Police told media that Paytm's directors Vijay Shekar Sharma and Harendra Pal Singh have been named in the FIR under sections of forgery and IT Act.

Sharma, 34, is the founder & CEO of One97 Communications - a growing mobile Internet companies. Paytm has recently launched a newly updated Wallet app for its android users.

Addressing press conference police officials said that the fraudsters used Paytm as gateway for monitory transactions. They said the company authorities are well aware of those the accounts to which transactions were made.

Modus operandi adopted by the fraudsters was that they call up gullible customers and identify themselves as a bank manager calling for providing easy loans or an executive of placement agencies with job opportunities by paying up small amount of money as registration fees through debit or credit cards.

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.

Police officers said after the getting ATM number the gang use mobile wallets such as "Paytm" as gateway to transfer money from the customer to their SIM card and use it for recharge, DTH and online shopping.

So far 313 people from all over the state have registered their complaint. Total of Rs 20 lakh have been duped so far.

 

[aryan.]

What exactly is the director's role in the scam. Its not like he personally scammed those victims.

 

[TradeJoker]

which is safe for online shopping ?, Debit Card or net banking?

 

[Serious_Trader]

What exactly is the director's role in the scam. Its not like he personally scammed those victims.

"Negligence and carelessness" is big crime

 

[TraderRavi]

which is safe for online shopping ?, Debit Card or net banking?

cash :thumb::thumb:

 

[niftyexceltrader]

"Negligence and carelessness" is big crime

You mean if a dacoit or a scamster, deposits his looted money in a bank, then police should book Chairman, MD and all higher officials for the negligence.

 

[niftyexceltrader]

which is safe for online shopping ?, Debit Card or net banking?

Net banking is safer for online shopping. But if you are not comfortable with netbanking online shopping, then use Virtual Debit Card. Banks issue such cards, for the amount you want, and the validity of these cards are 1 or 2 days. These are even safer than any other instrument.

 

[timepass]

What exactly is the director's role in the scam. Its not like he personally scammed those victims.

which is safe for online shopping ?, Debit Card or net banking?

"Negligence and carelessness" is big crime

As I wrote on their facebook page, it seems that the only mandate the management has given to the staff is to hold the customer's money in the wallet for as long as possible. That apart, it seems that staff have a pretty much free hand in running things as they like, or looting it. Also, it seems that their "social media team" comprises of their kids who have been given the task of responding to the facebook posts as a punishment duty.

I think that the management itself is running a bigtime scam, not only by looking the other way, but by active participation and facilitating nefarious activities.

I think that the scope of the probe should be widened to nationwide.

 

[durgesh]

Here is an analogy , i don't know how well it fits.

Santa has a Colt revolver. Banta asks Santa for his revolver and few bullets. Santa gives his revolver & bullets to Banta .Then Banta goes and shoots Janta. Now , Janta demands the police to register FIR against the directors, promoters & shareholders of Colt for if they had not made the revolver the crime would not have been committed.

Secondly, the fools who give their debit card numbers & ATM PIN over phone to somebody else should be barred for life from having electronic cards and net banking.They better adopt the old approach of token for deposits and cash for marketing.

:thumb::thumb::clapping::clapping::clap::clap:

 

[timepass]

Here is an analogy , i don't know how well it fits.

Santa has a Colt revolver. Banta asks Santa for his revolver and few bullets. Santa gives his revolver & bullets to Banta .Then Banta goes and shoots Janta. Now , Janta demands the police to register FIR against the directors, promoters & shareholders of Colt for if they had not made the revolver the crime would not have been committed.

Secondly, the fools who give their debit card numbers & ATM PIN over phone to somebody else should be barred for life from having electronic cards and net banking.They better adopt the old approach of token for deposits and cash for marketing.

And in the analogy, what happens to the shooter Banta ?? Also, what about those who asked for debit card numbers and ATM PIN over the phone and misused it ? Just because some consumers have behaved idiotically does not give the other person the right to misuse their card details. It's like saying that if a woman is wearing jeans she is to be blamed if she gets raped. Or the perpetrators of 16th Dec saying that the girl shouldn't have been out at night or shouldn't have fought back.

Anyway, it seems to be business as usual for PayTM.

http://www.financialexpress.com/art...rtners-ccd-dominos-for-offline-payment/69001/