India’s Paytm chief detained briefly for negligent driving: reports

MUMBAI (Reuters) – Indian police briefly detained Vijay Shekhar Sharma, the founder and CEO of the fintech agency Paytm in New Delhi in February for a minor street accident, native media mentioned on Sunday.

A case was registered towards Sharma by the New Delhi police for “rashness and negligent driving” mentioned Reuters TV accomplice ANI.

His automobile was concerned in an accident with a senior police official’s automobile, each automobiles had been impounded and the case was below investigation, native information company IANS reported.

Media studies mentioned Sharma’s Jaguar Land Rover allegedly rammed right into a senior police official’s automobile. It was not clear who was driving the automobile through the incident.

A senior Delhi police official concerned within the probe mentioned Sharma was interrogated by the police concerning a minor offence and allowed to depart the police station.

Requested concerning the incident, a Paytm spokesperson mentioned a grievance had been filed in reference to an alleged minor motorized vehicle incident. No individual or property was harmed, the spokesperson mentioned, including that the media studies had been “exaggerated” and that required procedures had been accomplished.

The spokesperson didn’t instantly make clear who was driving the automobile.

Paytm, which counts China’s Ant Group and Japan’s SoftBank Group Corp amongst its backers, raised $2.5 billion in India’s largest preliminary public providing in November, however made a dismal debut on the inventory exchanges and has misplaced over 50% since then.

(Reporting by Nupur Anand; Enhancing by Rupam Jain and William Mallard)

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