Enforcement Directorate Seizes Over Rs 76 Crore Assets In Chinese Loan App Cases

Numerous reports of blackmail and extortion by these "loan sharks" leading to death by suicide of gullible debtors were reported last year after the coronavirus infection and the resulting lockdown began in the country.

The Enforcement Directorate has attached assets of over Rs 76 crore, including of some fintech companies "controlled" by Chinese nationals and fintech major Razorpay, as part of a money laundering probe against certain Chinese ''loan app'' companies whose bullying tactics are alleged to have forced many debtors to end their lives during the stressful times of COVID-19. The central probe agency said in a statement that its criminal investigation, under provisions of the Prevention of Money Laundering Act (PMLA), is based on multiple FIRs filed by the criminal investigation department (CID) Police in Bengaluru after they received "complaints from various customers, who had availed loans and faced harassment from the recovery agents of these money lending companies". Numerous reports of blackmail and extortion by these "loan sharks" leading to death by suicide of gullible debtors were reported last year after the coronavirus infection and the resulting lockdown began in the country. This is the first case of criminal attachment of assets by the ED in these instances which is probing some other cases of this nature in other states too.