The Enforcement Directorate (ED) has claimed that several Chinese-funded fintech companies and domestic non-banking financial companies (NBFCs) have made illegal earnings of Rs 940 crore. While operating in the country, these companies violated the RBI guidelines and looted people by lending.
The ED on Wednesday claimed that these companies were acting on the behest of some Chinese and Hong Kong people. In its probe into the money laundering case, the ED found that they entered into agreements with NBFCs and illegally provided instant loans. ED has recently attached Rs 86.65 crore.
This amount has been transferred to a total of 155 banks and Kudos Finance, Ace Money India Ltd., Rhino Finance Pvt. Ltd., and Pioneer Financial & Management Services Pvt. Ltd. Like existed in the payment gateways of fintech companies. The provisional order to attach this amount was issued under criminal sections of the Prevention of Money Laundering Act.
Make agreements with dormant companies
ED said these NBFCs give personal loans for 7 to 30 days. Fintech companies enter into agreements with dormant companies in India to lend to people so that their license remains intact. The ED found that fintech companies are unable to get fresh licenses for NBFCs from the Reserve Bank.
nPretend to Add Customers: It is shown that NBFCs have engaged the services of companies to add customers while doing so to obtain licenses easily. The ED has so far seized a total of Rs 158.97 crore in this case.
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