Chinese loan app case: ED attaches ₹76.67 crore

Chinese loan app case: ED attaches ₹76.67 crore

The Hindu

The Enforcement Directorate (ED) has attached ₹76.67 crore in various bank accounts and payment gateways pertaining to the Chinese loan app case. Chinese companies and their Indian associates are bein

The Enforcement Directorate (ED) has attached ₹76.67 crore in various bank accounts and payment gateways pertaining to the Chinese loan app case. Chinese companies and their Indian associates are being probed for giving loans at exorbitant interest rates against RBI guidelines. The probe was initiated under the Provisions of the Prevention of Money Laundering Act, 2002 (PMLA) . The amount attached by ED pertains to seven companies, 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. Three are non-banking financial companies registered with RBI — X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private Limited.
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