ED seizes ₹51.22 crore in micro loan scam
The Hindu
The case involves the alleged extortion of high interest rates against micro personal loans given via mobile apps
The Enforcement Directorate (ED) has seized over ₹51.22 crore lying in the bank and virtual accounts of PC Financial Services Private Limited (PCFS), taking the total seizure so far to ₹288 crore in a case involving the alleged extortion of high interest rates against micro personal loans given via mobile apps.
The agency, which has taken the latest action under the Foreign Exchange Management Act (FEMA), is already probing several Non-Banking Financial Companies (NBFC) and fintech firms under the Prevention of Money Laundering Act. They allegedly provided personal loans through mobile apps and threatened customers with high interest rates.
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