MUMBAI: The recent fraud at Paytm Mall, the e-commerce marketplace arm of Paytm, involved hundreds of sellers and tens of employees, said Paytm founder Vijay Shekhar Sharma. Since its inception in April 2017, Paytm Mall has raised $650 million from Alibaba, SoftBank and SAIF Partners, with Alibaba group arm Ant Financial holding a 42% stake in Paytm Mall. On Monday, news agency PTI reported that the company had appointed consulting and audit firm EY to investigate the cashback fraud. “We first used to believe that every seller should be able to sell on Paytm Mall. In April, The Economic Times reported that Paytm Mall reported loss of ₹1,787.55 crore on a total revenue of ₹774.86 crore in 2017-18, citing regulatory filings.

Source: Mint May 14, 2019 13:20 UTC