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Synopsis
The Enforcement Directorate and CIDs have launched probe against more than two dozen China-backed loan apps and directed Paytm and Razorpay to stop processing their transactions and payments.
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Mumbai: The Enforcement Directorate (ED) and Criminal Investigation Departments (CID) of various state police forces are set to launch probes against more than two dozen China-backed fintech lenders, such as SnapIt Loan, Bubble loan, Go Cash and Flip Cash, having directed payment gateways to stop processing their transactions and payments, multiple people aware of the developments told ET.
The ED and CID units have written to payment gateways, including Razorpay that clears a bulk of these transactions, to stop their dealings with such companies. A similar communication has also gone to Paytm, one of the sources cited above said. ....

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