New Delhi: 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). According to an FIR filed in connection with the case, a Jaguar Land Rover, allegedly being driven by him, had hit the vehicle of DCP (South district) outside The Mother’s International School on Aurobindo Marg. The incident took place on February 22nd and police lodged an FIR on a complaint filed by Constable Dipak Kumar, posted as a 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. Constable Kumar, when contacted, said he was posted with DCP (Jaiker) and had taken her vehicle to a petrol pump around 8 am. In the FIR, Kumar stated he “can identify the driver”. Police traced the car with the help of the transport department and discovered it was registered with a Gurgaon-based company.

Speaking about the incident, Paytm spokesperson said, “A complaint was filed in connection with an alleged minor motor vehicle incident. There was no harm caused to any person or property in the said incident. Media reports claiming the nature of the arrest is exaggerated, as even the complaint against the vehicle was for a minor offence under a bailable provision of law and requisite legal formalities were completed on the same day.”

Earlier this week, the Reserve Bank of India asked Vijay Shekhar Sharma- promoted Paytm Payments Bank to stop opening new accounts amid “material supervisory concerns” observed in the bank. The company told police it had given the vehicle to Sharma, a resident of Greater Kailash-II. Sharma was called to Malviya Nagar police station, where he was arrested and released on bail.