Fintech Companies: China is running many fintech companies, earning 940 crores black

Posted on 7th Jul 2022 12:15 pm by rohit kumar

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.

 

Also Read: 7 big changes from today, which will affect the pocket: Commercial cylinders are cheaper, bikes become expensive; Aadhar-PAN link and tax-related rules also changed

Other news

Get Virat to open: Former England cricketer Monty Panesar said - give Pant a chance in the playing XI, India will become the champion of the T20 World Cup

In 2012, a Test series was being played between England and India. In the second match played in

'Husband is rich, get me 12 crore rupees and BMW, ' SC questions woman when she asks for alimony.

While hearing a case on Tuesday, the Supreme Court said that educated and capable women should st

Singapore: Global School Foundation will invest $ 550 million in India, which will strengthen the school education sector

Singapore Global Schools Foundation: Singapore-based Indian-origin Global Schools Foundation (GSF

Amitabh Bachchan: Big B became emotional after meeting fans outside Jalsa, shared the video, and said - If this is not there then it is nothing

Shahenshah of Bollywood Amitabh Bachchan is active in the world of cinema even at this stage of h

Tomato Flu: Tomato flu is not related to corona, monkeypox, dengue, or chikungunya, Center sent an advisory to states

The Center has sent an advisory to the states on HFMD (Hand Foot and Mouth Disease), commonly kno

Israel: 'We will not let the world forget the atrocities committed against our country, Israel's permanent representative to the UN

The conflict between the two continues after the terrorist organization Hamas's sudden attack on

PM Modi launched the World Dairy Summit in Greater Noida, said - Small farmers are the strength of the dairy sector in India

IDF World Dairy Summit 2022: Prime Minister Narendra Modi in his address after inaugurating the W

Bro Movie Review: Pawan Kalyan's BRO released in theatres, do not miss these five films of Power Star

Pawan Kalyan BRO releases In Cinemas: The big name of the Telugu film industry 'Pawan Kalyan' nev

PM Modi spoke to Netanyahu over the phone, and said- terrorism has no place in the world.

Amid the deteriorating situation in West Asia, Prime Minister Narendra Modi on Monday had a telep

Azerbaijan invades Armenia: Bombs hit Karabakh area, 3 killed; Russia said - Azerbaijan broke the ceasefire

The war between Armenia and Azerbaijan over Nagorno-Karabakh, the disputed area, started once aga