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Bengaluru police bust Rs 12 Cr fraud targeting CRED

EntrackrEntrackr · 1y ago
Bengaluru police bust Rs 12 Cr fraud targeting CRED
Medial

Bengaluru police have arrested four individuals, including an Axis Bank manager, for allegedly embezzling over Rs 12 crore from Dreamplug Paytech Solutions. Dreamplug operates fintech unicorn CRED. According to a Times of India report, the arrested individuals are Vaibhav Pithadiya, an Axis Bank relationship manager based in Rajkot; Parmar Neha Ben Vipulbhai, a banking agent from Surat; Shailesh, an insurance agent from Rajkot; and Shubham, a commission agent from Rajkot. The arrests were made following a complaint by Narasimha Vasanth Sastry, an executive from CRED. The fraud was uncovered on November 12 when Dreamplug executives detected unusual activity in their bank accounts. They found that Rs 12.2 crore had been fraudulently withdrawn from two Axis Bank accounts – a current account and a nodal account opened in 2021. The report added that the fraudsters carried out 37 transactions over 14 days, between October 29 and November 11, transferring Rs 12.2 crore to multiple accounts across the country.

CRED launches e₹ wallet in collaboration with RBI

EntrackrEntrackr · 1y ago
CRED launches e₹ wallet in collaboration with RBI
Medial

CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.

CRED receives final authorisation from RBI to operate as a payment aggregator

EntrackrEntrackr · 7d ago
CRED receives final authorisation from RBI to operate as a payment aggregator
Medial

CRED receives final authorisation from RBI to operate as a payment aggregator Reserve Bank of India has granted final authorisation to CRED to operate as a Payment Aggregator (PA). The approval allows the company to onboard merchants, process payments on their behalf and manage settlements and refunds across payment instruments. The authorisation has been granted to Dreamplug Paytech Solutions Private Limited, the entity operating CRED’s payment business. With this approval, the company will operate the payment system directly under the regulator’s supervision. The final authorisation comes nearly two years after the in-principle approval granted by the RBI. CRED and its subsidiaries now hold multiple regulatory licences. These include a Prepaid Payment Instrument (PPI) licence from the RBI, a corporate agency licence from the Insurance Regulatory and Development Authority of India, a registered investment advisor licence from the Securities and Exchange Board of India, and a TPAP licence from the National Payments Corporation of India. During FY25, CRED processed payments worth over Rs 8.5 lakh crore on behalf of more than 1.5 crore users. The company says more than one-third of credit card bill payments in India are currently made through its platform. Founded by Kunal Shah, CRED enables users to manage credit card payments, track credit scores, and monitor financial activity across accounts through its platform.

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