ED alleges fake invoices, hawala links in Pay10 money laundering probe
21 May 2026, 02:32 PMED seized cash, bullion, incriminating documents, froze four luxury vehicles; and identifies Dubai-based Grenadian national as Pay10's alleged ultimate beneficial owner.
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The Enforcement Directorate on Saturday issued a detailed statement alleging Delhi-based payment aggregator Pay10 Services Pvt Ltd and its associates were part of a large-scale money laundering network involving fake merchants, bogus invoices, illegal betting-linked transactions and cyber fraud proceeds.
The agency said it was investigating Pay10 Services Pvt Ltd (formerly known as Bhartipay Services Pvt Ltd), along with Asian Checkout Private Limited and other entities under the Prevention of Money Laundering Act (PMLA).
The ED said searches were carried out between May 13 and May 15 across multiple premises linked to Pay10, Asian Checkout and associated persons/entities. During the operation, the agency claimed to have seized incriminating documents relating to money laundering, cash worth around Rs 1.4 crore, jewellery and bullion valued at nearly Rs 65 lakh, and digital devices allegedly containing evidence linked to money laundering activities.
The agency also said it froze four luxury vehicles connected to the Pay10 and ACPL.
According to the ED, the probe has so far uncovered what it described as a "well-structured modus operandi" involving the laundering of hundreds of crores through fake merchant websites and payment gateway infrastructure.
Investigators alleged that several fictitious websites were created to portray bogus sale of goods and services despite there being no underlying business activity. Funds generated through these transactions were allegedly routed through payment gateways, and thereafter layered, diverted and concealed to disguise their illicit origin.
The ED claimed that Pay10 and Asian Checkout, while operating as payment aggregator and payment gateway platforms, facilitated money launcdering by onboarding fake and dubious merchants, generating fraudulent invoices, including GST-related invoices, and enabling transactions linked to betting, gaming and cyber fraud-related activities.
The agency further alleged that the entities themselves received accommodation entries from fraudulent and non-existent companies.
The ED also said its investigation had identified a wider cartel allegedly involved in arranging fake bills for Pay10 to facilitate laundering of funds.
Without naming the individual, the agency claimed that the "ultimate beneficial owner" of Pay10 was a Grenadian national based out of Dubai, UAE, and alleged that certain chartered accountants were also involved in the structure and movement of funds.
The investigation, according to the ED, has also revealed alleged laundering of proceeds generated from illegal online betting operations, illegal liaisoning activities and bogus invoices from fictitious garment merchants and certain other crimes.
The agency further claimed that unaccounted cash settlements were carried out through multiple hawala operators.
The release comes days after The Head and Tale reported that the ED had conducted search operations against Pay10 as part of a money laundering investigation linked to alleged cyber fraud activities.
Pay10 Services Pvt Ltd holds all three payment aggregator licences — online, offline and cross-border. The company is founded by Prabhpreet Singh Gill, also known as Harry Gill, who operates out of the UAE. Former Razorpay and PayU executive Atul Mehta currently serves as the India CEO.
The company had reported sharp financial growth in FY25, with revenue rising to Rs 268 crore from Rs 88.6 crore a year earlier, while profit increased to Rs 130.7 crore from Rs 21 crore in FY24. In October 2025, the company had appointed Virat Kohli and Anushka Sharma as its global brand ambassadors.
On ACPL, the company was incorporated in 2016. The Agra-based company Asian Checkout claims to offer solutions, including payment gateway, UPI Switch infrastructure, mPOS terminals, soundbox devices, QR-based offline payment solutions, and neo-banking rails. The company's directors are Uday Goyal, Shivam Kumar, and Atishay Goyal.
Mool Chand Shyam Lal Infrastructure Pvt Ltd and Mool Chand Shyam Lal Roller Flour Mills Pvt Ltd collectively own 96% of the firm. ACPL, which reported Rs 36 crore and Rs 33 crore in operating revenues in FY22 and FY23 respectively, has shown 'zero' operating revenues in FY24 and FY25, as per Tracxn.
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