Payza Electronic Bank
It is one of the famous banks in the world, and it is usually used to facilitate electronic payments. The famous bank provides its clients with solutions and services that enable them to pay on the Internet and keep money in their accounts and exchange or withdraw them. It should be noted that Payza Bank was designed specifically to align with the mobile business acumen, along with its wide popularity on the World Wide Web.
Payza Online Bank Closure
It was closed after the Federal Prosecutor’s Office in Washington recently announced that the US Department of Justice had accused the famous electronic payment processor Payza.com of laundering more than $250 million in connection with criminal activities and accordingly charges were brought against the founding brothers, Mr. Firoz Patel, 43 and Mr. Ferhan Patel, 37, who run the company. This is why the authorities managed to arrest one of the founders, while the bank accounts used by the company were frozen.
Reasons for Closing Payza Bank Online
- Money issues.
- Transferring large sums of money outside the country without a license, amounting to 250 million dollars.
- Funding hierarchical fraud projects.
- Child prostitution exploitation. Paying for a paid subscription to some sexual sites specializing in viewing videos of child abuse and sexual exploitation.
- It did not obtain a money transfer license in the United States.
- Using crypto currencies in suspicious activities.