Supreme Court Upholds Razorpay's PMLA Victory. The Supreme Court has dismissed the Enforcement Directorate's appeal against the Karnataka High Court's order quashing money laundering proceedings against fintech major Razorpay. The SC stated it was not inclined to interfere with the High Court's decision, providing significant relief to the payment gateway startup as it prepares for its $700 million IPO. Razorpay had been fighting allegations that it facilitated transactions for an NBFC operating illegal loan apps. The Karnataka HC previously ruled that Razorpay was merely an intermediary with no intention to launder money. However, the SC clarified that this ruling applies only to Razorpay and should not be considered precedent for other fintech companies.
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