Paytm founder Vijay Shekhar Sharma arrested, released on bail after ramming Delhi DCP’s car

Paytm founder and CEO Vijay Shekhar Sharma was arrested last month by the Delhi Police in a case of rash driving. Sharma was allegedly driving a Jaguar Land Rover that hit the car of the District Commissioner of Police of South Delhi, according to the police.

According to the complaint recorded by Delhi Police, the speeding Land Rover, which was being driven by the Paytm founder, hit DCP Benita Mary Jaiker's car outside Mother International School on February 22, after which Sharma fled from the scene.

At the time of the incident, the DCP’s car was being driven by her driver, Constable Deepak Kumar. Kumar had noted down the number of the Land Rover, which belonged to Sharma. He then immediately informed the DCP, the police said.

After the incident was reported to the Delhi Police, the authorities decided to run an investigation, during which the car was found to be registered to a company in Gurugram, Haryana. After questioning, it was found that the car was with Vijay Shankar Sharma, who resided in South Delhi.

Three weeks after the incident, Delhi Police spokesperson Suman Nalwa confirmed that Sharma was arrested by the authorities in a case of rash and negligent driving, but was later released on bail.

Earlier this week, Paytm Payment Banks, which comes under Vijay Shekhar Sharma’s leadership, was asked by the Reserve Bank of India (RBI) to stop opening new accounts amid "material supervisory concerns" observed in the bank.

Vijay Shekhar Sharma, who is the founder and CEO of Paytm, is one of the top entrepreneurs and businessmen in India. He was ranked the youngest billionaire in India in 2017 by Forbes, with his net worth at the time standing at 1.3 billion USD.