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The Enforcement Directorate has attached assets of over Rs 76 crore as part of a money laundering probe against certain Chinese ''loan app'' companies.
ED attaches assets worth Rs 76 Crore in Chinese loan app scam
ED attaches assets worth Rs 76 Crore in Chinese loan app scam
The Enforcement Directorate has attached ₹76.67 crore lying in various bank accounts and payment gateways linked to some Chinese loan App companies and their Indian associates.
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Illustration for representational purposes (Siddhant Jumde)
The Enforcement Directorate (ED) has attached money to the tune of Rs 76.67 crore, lying in various bank accounts and payment gateways, in connection with Chinese loan application companies and their Indian associates, officials said.
The amount attached by ED pertains to seven companies, out of which three are fintech companies Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are controlled by the Chinese nationals and three NBFCs (Non-Banking Financial Company) registered with RBI namely X10 Financial Services
Highlights
Many customers who had availed loan faced harassment
Bengaluru: Enforcement Directorate (ED) has attached Rs 76.67 crore lying in various bank accounts and payment gateways pertaining to Chinese loan app companies and their Indian associates.
The provisional attachment order was issued under the Prevention of Money Laundering Act, 2002 (PMLA).
The agency initiated an investigation on the basis of various FIRs registered by CID, Bengaluru on the complaints received from various customers who had availed loan and faced harassment from the recovery agents of the money lending companies.
The amount attached by ED pertains to seven companies out of which three are Fintech companies namely Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are controlled by the Chinese nationals and three NBFCs registered with RBI namely X10 Financial Services Private Limited, Track Fin-ed Private Limi