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Paytm Founder Was Arrested in Feb for Rash Driving, Ramming Land Rover into DCP’s Car; Given Bail Later

Paytm Founder Was Arrested in Feb for Rash Driving, Ramming Land Rover into DCP's Car; Given Bail Later
Written by Publishing team

The Delhi Police had last month arrested Paytm CEO Vijay Shekhar Sharma in connection with a case of rash driving after his luxury car hit the car of the District Commissioner of Police (South Delhi). Sharma was later released after a court granted him bail.

On the day of the incident, on February 22, Sharma was driving a Jaguar Land Rover that hit DCP Benita Mary Jaiker’s vehicle outside The Mother’s International School.

The business tycoon had fled the scene.

Constable Deepak Kumar, who was driving Jaiker’s car, took down the number of the Land Rover and passed on the information to the DCP, who launched an investigation.

After preliminary investigation, it was found that the car that hit Jaiker’s vehicle is registered to a company in Gurugram and later the police was informed that it belonged to Sharma, who lives in South Delhi.

Delhi Police spokesperson Suman Nalwa told the The Indian Express that Sharma was “arrested and released him on bail”.

Meanwhile, Constable Kumar, said, “Constable Pradeep, an operator, was with me when we reached Mother’s International School and found a traffic jam there. I saw a gathering of people dropping their children (to school). I slowed down and asked Pradeep to get down to clear the traffic,” he said.

“I was waiting when a car came speeding from the side and rammed my vehicle. There was a Haryana registration number plate and the person managed to drive away. Our vehicle got damaged and Pradeep asked me to park on the side of the road. We informed our DCP and she asked me about the car. We told her that we had noted down the number, and then we lodged an FIR at Malviya Nagar police station,” he added

Meanwhile, Paytm Payments Bank on Saturday said it is taking immediate actions to comply with the direction of the Reserve Bank of India which has barred the company from opening new accounts amid “material supervisory concerns”. This is the third time that Vijay Shekhar Sharma- promoted Paytm Payments Bank (PPBL) is facing action from the banking regulator since its inception in May 2017. It has been prohibited from opening new accounts for the second time.

“We are taking immediate steps to comply with RBI directions. PPBL remains committed to working with the regulator to address their concerns as quickly as possible. We shall notify when we recommence the opening of new accounts after obtaining RBI approval,” PPBL said in a blog. Paytm Payments Bank was incorporated in August 2016 and formally began its operations in May 2017 from a branch in Noida. As per the last disclosed numbers, PPBL had around 6.4 crore customers.

Sharma holds 51 per cent stake in Paytm Payments Bank (PPBL), while the remaining 49 per cent is held by Paytm. RBI has also directed to adjunct an IT audit firm to conduct a comprehensive system audit of PPBL’s IT system.

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