Paytm founder Vijay Shekhar Sharma arrested, granted bail for ramming car into Delhi DCP's vehicle

Vijay Shekhar Sharma, founder and CEO of Paytm, was arrested and released on bail by Delhi Police last month after being booked under IPC Section 279 (rash or negligent driving).

Vijay Shekhar Sharma was allegedly speeding in his Jaguar Land Rover car when he hit DCP Benita Marie Jaiker's vehicle outside Mother's International School in Delhi. The DCP's driver Deepak was on his way to fill petrol in the car. After hitting the car, Vijay Shekhar Sharma purportedly fled from the scene.

The incident took place on February 22 and police lodged an FIR on a complaint filed by Constable Dipak Kumar, posted as driver with DCP (South) Benita Mary Jaiker.

Delhi Police spokesperson Suman Nalwa confirmed that police had “arrested Sharma, and released him on bail”. DCP Jaiker refused to comment on the case.

Vijay Shekhar Sharma, a school teacher’s son and an engineering graduate, founded technology company Paytm in 2010. It was initially used as a platform for mobile recharges. Paytm witnessed quick growth after Uber listed it as a quick payment option.

The company’s success has turned Vijay Sharma into a billionaire with a net worth of USD 2.4 billion, according to Forbes.

Meanwhile, Reuters reported that India's central bank has barred Paytm Payments Bank, majority owned by billionaire Vijay Shekhar Sharma, from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank.

"Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers," the central bank said in a statement.

Published on: Sunday, March 13, 2022, 11:33 AM IST