The ED has attached over Rs 76 crores lying in various bank accounts & payment gateways linked to some Chinese loan App companies & their Indian associates. ED claims that the apps offered loans to individuals & levied usurious rates of interest and processing fees.

The ED has initiated its investigation on the basis of various FIRs registered by Bengaluru Police’s CID based on the complaints received from various customers. 

   

ED attaches assets worth Rs 76 Crore in Chinese loan app scam

WHAT?

The ED has attached over Rs 76 crores lying in various bank accounts & payment gateways linked to some Chinese loan App companies & their Indian associates.

WHY?

ED claims that the apps offered loans to individuals & levied usurious rates of interest and processing fees.

WHO?

The amount attached by ED pertains to seven companies, out of which three are fintech companies -- Mad Elephant Network Technology, Baryonyx Technology, & Cloud Atlas Future Technology -- which are controlled by the Chinese nationals and 3 NBFCs registered with RBI namely X10 Financial Services, Track Fin-ed, and Jamnadas Morarjee Finance.

HOW?

The ED had initiated its investigation on the basis of various FIRs registered by Bengaluru Police’s CID based on the complaints received from various customers, who had availed a loan and faced harassment from the recovery agent of these money lending companies.