---
title: "Naspers — PayU: HPZ reporting, the company response and India authorisation"
language: en
canonical: https://dossiertwist.com/dossiers/naspers/payu-india-investigation-and-authorisation/
as_of: 2026-09-21
keywords: ["Naspers","Prosus","voting control","Nasbel","Keerom","Wheatfields","Takealot","PayU","Media24"]
---

# Naspers — PayU: HPZ reporting, the company response and India authorisation

**Question.** Does a frozen gateway balance make PayU a convicted scheme operator?

**Answer.** No such outcome is established here. The report, PayU’s cooperation response, entity-specific authorisation and remaining operating loss are separate facts.

## The HPZ investigation, frozen amounts and PayU’s answer

- Analysis: In January 2025, reporting linked virtual accounts at eight Indian payment gateways to the Enforcement Directorate’s HPZ Token investigation. The roughly Rs500 crore frozen across the gateways was an aggregate figure; the report attributed about Rs130 crore to accounts at PayU. It described an alleged investment scheme and scrutiny of payment handling, rather than a judgment finding PayU itself guilty of operating the scheme. [s-d219] [s-supp-payu-response]
  - Qualification: Funds held in payment accounts are not automatically the payment company’s own corporate assets. Allegations or proceedings concerning the scheme’s promoters are not convictions of PayU, Prosus or Naspers.
  - Response: A PayU spokesperson told the newspaper the following day that the reports concerned events in 2022 and that PayU had fully cooperated with the Enforcement Directorate. Other gateways’ separate denials are not attributed to PayU.
  - Outcome: The retained material establishes reporting of freezes and an investigation, together with PayU’s response; it does not establish a final adverse judgment against PayU in this matter.

## India authorisation, remaining losses and the separate European sale

- Analysis: PayU’s regulatory and disposal history should be read alongside the HPZ reporting. A January 2023 instruction to reapply for an Indian payment-aggregator licence preceded a later final online approval. The FY26 company report says PayU had obtained online, offline and cross-border aggregator approvals. These permissions concern defined services and entities, not immunity from unrelated investigations. [s-d17] [s-d99]
  - Qualification: The sale of Global Payments Organisation activities did not mean the sale of PayU’s Indian business. The latest financial report records completion of the European GPO disposal in November 2025. Earlier transaction announcements describe a broader agreed business perimeter and must retain their own date and scope.
  - Outcome: FY26 India revenue reached US$781 million and adjusted EBITDA was positive at US$18 million, while adjusted EBIT remained a US$10 million loss. The credit business improved to US$6 million adjusted EBITDA, retaining both the favorable trend and the remaining operating loss.

## Sources

- [s-d219] Media source · s-d219
- [s-supp-payu-response] Media source · s-supp-payu-response
- [s-d17] Company statement source · s-d17
- [s-d99] Media source · s-d99