Paytm employees arrested for blackmailing CEO

The employees had attempted to extort almost $300 million from the Indian e-commerce company's founder and CEO.
By: | October 23, 2018
Topics: Asia-Pacific | India | Leadership | News

 

Three people have been arrested for attempting to extort SG$280 million from Paytm’s CEO Vijay Shekhar Sharma, while threatening to expose stolen personal data and information, reported the Noida Police.

Based out of Noida, India, Paytm is an e-commerce payment system and digital wallet company, and as of January 2018, the company is valued at SG$14 billion.

Mr Sharma’s secretary was the alleged mastermind behind the extortion and along with her two accomplices, had planned to leak vulnerable information and tarnish the company’s public image.

Paytm later confirmed in a statement that the Noida Police had arrested the three people for an extortion bid.

All three have been brought to the police station for further interrogation, while a fourth accused remains at large and is being tracked down, a senior official said.

Paytm was founded in 2010, and offers both online and in-store payments for utility bills, movies, grocery shopping and pharmacy goods.