ED conducts searches in micro-loan fraud case
11 months, 3 weeks ago

ED conducts searches in micro-loan fraud case

The Hindu  

The ED recently conducted searches at 19 locations in micro-loan fraud cases. The searches were carried out in Delhi, Chandigarh, Haryana, Punjab, and Gujarat, as part of the probe against Shinebay Technology India Private Limited, Mpurse Services Private Limited and others, which are owned and controlled by Chinese, the ED said on Tuesday. According to the ED, the suspect fintech companies and non-banking financial companies, in collaboration with payment aggregators/gateways, were providing online short-term instant loans through mobile apps and they were charging exorbitant rates of interest on loans “Such companies have employed dummy directors/subscribers in India to conduct business on behalf of the Chinese individuals/ companies. The Chinese nationals created a complex web of fintech companies and NBFCs in India with the help of professionals such as Chartered Accountants, lawyers, Company Secretaries, consultants, etc.,” said the agency.

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ED raids nine locations in money laundering case linked to Spectra Industries
6 days, 6 hours ago

ED raids nine locations in money laundering case linked to Spectra Industries

India Today  

The Mumbai Zone of the Enforcement Directorate conducted search operations at nine places across Mumbai and Aurangabad in connection with a money laundering case involving bank fraud against Spectra Industries. The ED initiated an investigation in the case on the basis of an FIR registered by the Central Bureau of Investigation against Spectra Industries Limited, Jaidev Vinod Gupta, Sheela Vinod …

Crypto currency scam: ED freezes ₹12.5cr in Thane, Navi Mum, other cities
2 weeks ago

Crypto currency scam: ED freezes ₹12.5cr in Thane, Navi Mum, other cities

Hindustan Times  

MUMBAI: The Enforcement Directorate froze Proceeds of Crime worth ₹12.5 crore, in the form of bank balances, fixed deposits and mutual funds, as part of its money-laundering probe into an alleged multi-crore fraud against multiple investors on the pretext of doubling their investment through the app, HPZ Token, and online gaming and betting websites. Crypto currency scam: ED freezes ₹ …

CBI conducts searches in Delhi-NCR in connection with Rs 117 crore cyber fraud case
Trending News
3 weeks ago

CBI conducts searches in Delhi-NCR in connection with Rs 117 crore cyber fraud case

India TV News  

Cyber Fraud Case: The Central Bureau of Investigation conducted searches at 10 locations in Delhi and surrounding areas today in connection with an ongoing investigation of transnational cyber-enabled financial frauds involving Rs 117 crore, said officials. According to the CBI, the searches were conducted in an ongoing investigation into a case registered under Sections 403, 420 of the Indian Penal …

ED arrests two Chinese nationals from Tamil Nadu over shady digital loan apps
1 month ago

ED arrests two Chinese nationals from Tamil Nadu over shady digital loan apps

India Today  

The Enforcement Directorate arrested two Chinese nationals, named Xiao Ya Mao and Wu Yuanlun, in connection with a money laundering case related to digital loan apps operating across India. As part of the ongoing investigation, ED has frozen 96 bank accounts across Delhi NCR, Haryana, Punjab, Gujarat, and Chandigarh, containing a total balance of Rs 19.43 Crore. The case centred …

ED seizes ₹3 crore from Kolkata businessman in lottery scam
1 month, 1 week ago

ED seizes ₹3 crore from Kolkata businessman in lottery scam

Hindustan Times  

Kolkata, The Enforcement Directorate on Friday seized around ₹3 crore from a businessman's house in Kolkata, as part of its ongoing probe into a high-profile lottery scam. ED seizes ₹ 3 crore from Kolkata businessman in lottery scam The central agency has been conducting search operations at multiple locations in West Bengal since Thursday in connection with the alleged scam, …

ED's money laundering probe leads to raids across Maharashtra and Gujarat
1 month, 1 week ago

ED's money laundering probe leads to raids across Maharashtra and Gujarat

Hindustan Times  

Mumbai: The Enforcement Directorate conducted searches at more than 16 locations across Maharashtra and Gujarat on Thursday, investigating suspicious banking transactions worth ₹80-90 crore allegedly conducted by a Malegaon-based trader through misappropriated bank accounts. During the raids, which extended into Thursday night, the agency froze approximately ₹ 1.8 crore held in two scrutinised bank accounts. During the raids, which extended …

ED raids 23 locations in Maharashtra, Gujarat over Malegaon trader bank fraud
1 month, 1 week ago

ED raids 23 locations in Maharashtra, Gujarat over Malegaon trader bank fraud

India Today  

The Enforcement Directorate conducted massive raids across 23 locations in poll bound Maharashtra and neighbouring Gujarat on Thursday as part of an investigation into a money laundering case involving a Malegaon-based trader. The trader allegedly used fake documents and fake Know Your Customer details to open numerous bank accounts, which facilitated transactions worth over Rs 100 crore. The money laundering …

ED Raids Premises Linked To Minister, Allies In Poll-Bound Jharkhand
2 months, 1 week ago

ED Raids Premises Linked To Minister, Allies In Poll-Bound Jharkhand

ABP News  

The Enforcement Directorate on Monday conducted searches in connection with a money laundering investigation linked to alleged irregularities in the Jal Jeevan Mission scheme's implementation in poll-bound Jharkhand, official sources said. Premises linked to Drinking Water and Sanitation Minister Mithilesh Kumar Thakur and a personal staffer, IAS officer Manish Ranjan, some government officials, contractors and businessmen are being searched by …

ED initiates FEMA probe against former Axis fund manager
3 months, 2 weeks ago

ED initiates FEMA probe against former Axis fund manager

Hindustan Times  

MUMBAI: The Enforcement Directorate on Monday carried out searches as part of its Foreign Exchange Management Act probe against Viresh Joshi, a former fund manager of Axis Mutual Fund, for alleged contravention of the forex rules. Joshi was earlier under the scanner of the Income Tax department in August 2022, when it carried out a search -and-seizure operation at more …

Pan-India stock market scams on ED radar, ₹25 crore traced; 200 shell firms being probed
3 months, 2 weeks ago

Pan-India stock market scams on ED radar, ₹25 crore traced; 200 shell firms being probed

Hindustan Times  

MUMBAI: An Enforcement Directorate pan-India probe into multi-crore online scams, in which investors were trapped into investing in stock markets through fake mobile apps, has revealed that the accused employed a maze of 200-plus shell firms to acquire and then divert the proceeds of crime. The agency’s money trail in the case revealed that the fraudsters allegedly incorporated over 200 …

ED conducts searches in ₹118-crore fraudulent contracts case in Assam
4 months ago

ED conducts searches in ₹118-crore fraudulent contracts case in Assam

The Hindu  

The Enforcement Directorate has conducted searches in connection with the alleged fraudulent award of contracts worth about ₹118 crore from 2013 to 2016 by misappropriation of funds collected as cess for the welfare of construction workers in Assam. In the case being probed under the Prevention of Money Laundering Act, the agency has seized several documents and also attached properties …

ED Files Complaint Against NBFCs and Fintech Firms in Loan Scam
4 months ago

ED Files Complaint Against NBFCs and Fintech Firms in Loan Scam

Deccan Chronicle  

Hyderabad: The Directorate of Enforcement, Hyderabad Zonal Officials, have filed Prosecution Complaint against several NBFCs, Fintech companies and individuals involved in instant loan lending business through various mobile applications before the Special MSJ Court, Nampally, Hyderabad under the provisions of Prevention of Money Laundering Act, 2002 and the Court has taken cognizance of the complaint. ED initiated investigation on the …

ED arrests former Pune ZP chairman in ₹494cr bank fraud case
4 months ago

ED arrests former Pune ZP chairman in ₹494cr bank fraud case

Hindustan Times  

MUMBAI: Former chairman of Pune zilla parishad Mangaldas Bandal has been arrested by the Enforcement Directorate in connection with an alleged ₹494-crore fraud at Pune’s Shivajirao Bhosale Sahakari Bank. Earlier on Tuesday, the ED seized cash worth ₹25 lakh and froze fixed deposits worth ₹50 lakh during searches conducted at Bandal’s premises. ED’s investigation revealed that several persons had committed …

ED conducts search operations in Nagpur, Kolkata, Vishakhapatnam in ₹4,000 crore bank loan fraud case
4 months, 1 week ago

ED conducts search operations in Nagpur, Kolkata, Vishakhapatnam in ₹4,000 crore bank loan fraud case

The Hindu  

The Enforcement Directorate’s Nagpur sub-zonal office carried out three days of search operations from August 12 to August 14 at 14 official and residential premises in Nagpur, Kolkata, and Vishakhapatnam as part of a money laundering investigation. ED officials said on Wednesday they are investigating a bank loan fraud by M/s Corporate Power Limited and its promoters and directors: Manoj …

ED Carries Out Raids In Ladakh's Leh In Fake Cryptocurrency Business Case
4 months, 3 weeks ago

ED Carries Out Raids In Ladakh's Leh In Fake Cryptocurrency Business Case

News 18  

The Enforcement Directorate on Friday launched its first-ever search operation in Ladakh’s Leh under the provisions of the Prevention of Money Laundering Act in connection with a fake cryptocurrency business. “Searches are underway in connection with the cryptocurrency business and are being conducted at six premises simultaneously in Leh, Sonipat and Jammu. Thousands of investors have invested money in fake …

ED conducts first raid in Leh Ladakh region in fake cryptocurrency business case
4 months, 3 weeks ago

ED conducts first raid in Leh Ladakh region in fake cryptocurrency business case

India TV News  

The Enforcement Directorate on Friday launched its first-ever search operation in the Leh Ladakh region. ED Srinagar is conducting the operation under the provisions of the Prevention of Money Laundering Act in a fake cryptocurrency business run by M/s A R Mir & others. In their FIR, Leh Police stated that a committee formed by the local district magistrate against …

DJB ‘scam’: ED conducts raids in 4 cities; seizes cash, digital evidence
5 months, 2 weeks ago

DJB ‘scam’: ED conducts raids in 4 cities; seizes cash, digital evidence

The Hindu  

The Enforcement Directorate on Friday said it has conducted searches at various places in Delhi, Mumbai, and Hyderabad in connection with the alleged corruption in the Delhi Jal Board. Condemning the ED action, Delhi Minister and AAP leader Atishi, in a statement, said, “What the ED does, against whom it works, on whose orders it works, is well known. The …

ED seizes 19.50 kg gold linked to ₹4,978-crore cyber fraud case
7 months, 2 weeks ago

ED seizes 19.50 kg gold linked to ₹4,978-crore cyber fraud case

The Hindu  

The Enforcement Directorate has seized 19.50 kg of gold worth over ₹14 crore from a bank locker linked to an alleged cybercriminal who is one of the masterminds of a syndicate that transferred abroad about ₹4,978 crore raised through various cybercrimes and online gaming platforms during 2020-24. In February-March, while probing the online gaming companies/websites incorporated in small island nations …

ED zeroes in on online gaming companies, websites set up in Curacao, Malta and Cyprus
8 months, 2 weeks ago

ED zeroes in on online gaming companies, websites set up in Curacao, Malta and Cyprus

The Hindu  

The Enforcement Directorate has zeroed in on multiple online gaming companies and websites incorporated in small island nations, including Curacao, Malta and Cyprus, through which hundreds of investors in different parts of the country were cheated by a criminal syndicate of at least ₹4,978 crore. An alleged key member of the syndicate, Punit Kumar, also known as Puneet Maheshwari, was …

Delhi court pulls up ED over ‘shoddy probe’ in PNB case
8 months, 3 weeks ago

Delhi court pulls up ED over ‘shoddy probe’ in PNB case

Hindustan Times  

A Delhi court has pulled up the Enforcement Directorate for shoddy investigation and lapses by its investigative officer in a money-laundering case of where Punjab National Bank was defrauded of ₹1,46,71,000. The court noted three lapses committed by the federal probe agency — first, despite there being evidence available, ED failed to name two persons as accused in the case. …

ED Attaches Rs 32 Crore in Part Time job Fraud Case
8 months, 3 weeks ago

ED Attaches Rs 32 Crore in Part Time job Fraud Case

Deccan Chronicle  

Hyderabad: Officials from Hyderabad Enforcement Directorate attached Rs 32.34 crore that was lying unused in around 580 bank accounts, under the provisions of Prevention of Money Laundering Act, 2002, in a case pertaining to a part-time job scam in the name of review and ratings of websites, hotels and resorts. The cyber criminals would approach gullible persons on WhatsApp and …

ED freezes ₹16.43 crore in Dani Data app case; searches premises of payment aggregators
9 months ago

ED freezes ₹16.43 crore in Dani Data app case; searches premises of payment aggregators

The Hindu  

The Enforcement Directorate has frozen about ₹16.43 crore following searches at six locations of payment aggregators in Bengaluru and Pune in connection with the merchant IDs that were used for collection of payments running into crores from general public through Dani Data app. The ED probe under the Prevention of Money Laundering Act is based on a First Information Report …

ED conducts fresh searches in Mahadev app linked money laundering case
9 months, 3 weeks ago

ED conducts fresh searches in Mahadev app linked money laundering case

New Indian Express  

MUMBAI: The Enforcement Directorate on Wednesday conducted searches in Mumbai, some places in West Bengal and the Delhi-NCR as part of its money laundering investigation in the Mahadev online gaming and betting app that purportedly involves various high-ranking politicians and bureaucrats from Chhattisgarh. Official sources said about 15 premises in these locations are being covered by the investigators of the …

ED issues fresh look-out notice against Byju Raveendran
10 months ago

ED issues fresh look-out notice against Byju Raveendran

The Hindu  

The Enforcement Directorate has issued a fresh look-out notice against edutech entrepreneur Byju Raveendran in connection with the inquiry into alleged violation of the Foreign Exchange Management Act involving ₹9,362.35 crore. In November last year, the FEMA Adjudicating Authority had issued show cause notices to Think & Learn Private Limited, which runs education portal Byju’s, and Mr. Raveendran, based on …

ED launches searches on promoters of real estate firm in TN
10 months, 2 weeks ago

ED launches searches on promoters of real estate firm in TN

The Hindu  

The Enforcement Directorate on Friday launched simultaneous searches on the premises of three promoters of prominent real estate firms in Chennai in connection with an alleged money laundering offence, sources in the agency said. 50 crore was paid to various persons, including MPs, MLAs Corporation Councillors officials of some Government departments and others to get their help during execution of …

ED Conducts Fresh Searches in Money Laundering Case Against Chandigarh-based Pharma Company
1 year ago

ED Conducts Fresh Searches in Money Laundering Case Against Chandigarh-based Pharma Company

News 18  

The Enforcement Directorate on Friday conducted fresh searches at about a dozen locations in Delhi-NCR and Punjab as part of a money laundering investigation against Chandigarh-based pharmaceutical company Parabolic Drugs and its promoters linked to an alleged bank fraud, official sources said. The central agency had earlier arrested Parabolic Drugs promoters Vineet Gupta and Pranav Gupta, who are also the …

ED conduct searches in AP, TS in a fraud of Rs 311 crore
1 year ago

ED conduct searches in AP, TS in a fraud of Rs 311 crore

Deccan Chronicle  

Hyderabad: The Directorate of Enforcement officials have conducted search operations at six locations in Andhra Pradesh and Telangana under the provisions of the Prevention of Money Laundering Act, 2002 in connection with investigation regarding fraud in sanction of loans under Kisan Credit Card to farmers for construction of fish tanks. ED initiated investigation on the basis of FIR registered by …

ED attaches ₹6.47cr assets of Chinese company in job fraud case
1 year, 3 months ago

ED attaches ₹6.47cr assets of Chinese company in job fraud case

The Hindu  

Officials of the Directorate of Enforcement have attached the movable assets worth ₹6.47 crore, including ₹71.3 lakh in the form of cryptocurrency in the China-linked part time job fraud case under the Prevention of Money Laundering Act. A release said the investigation revealed that gullible youth were cheated by certain Chinese persons through a mobile app, “Keepsharer,” through which they …

ED probes money laundering in sand mining business
1 year, 3 months ago

ED probes money laundering in sand mining business

The Hindu  

The Directorate of Enforcement on Tuesday launched an investigation into suspected money laundering in the sand mining business of the Tamil Nadu government. Backed up by the Central Armed Police Force, several teams of ED officials landed at sand quarrying sites and sales depots managed by the Water Resources Department across the State early in the morning. Watch | ED …

ED questions son of ex-treasurer of NCP in money-laundering probe
1 year, 4 months ago

ED questions son of ex-treasurer of NCP in money-laundering probe

Hindustan Times  

MUMBAI: The Enforcement Directorate on Tuesday questioned Manish Jain Lalwani, the son of Nationalist Congress Party ’s former Rajya Sabha member and one-time party treasurer Ishwarlal Jain Lalwani, in Nagpur for several hours as part of its money-laundering investigation. ED questions son of ex-treasurer of NCP in money-laundering probe The probe is related to suspected bank fraud, involving three Jalgaon-based …

Loan fraud: ED searches Transstroy India
1 year, 4 months ago

Loan fraud: ED searches Transstroy India

Deccan Chronicle  

HYDERABAD: The Enforcement Directorate said on Monday that it recently conducted search operations on bank lockers belonging to Cherukuri Sridhar and his family members in connection with a bank fraud case against Transstroy India Limited. ED officials initiated a money laundering investigation on the basis of an FIR registered by the CBI, ACB Hyderabad alleging bank fraud, cheating, and criminal …

Nurses’ recruitment fraud: ED scans role of hawala operators
1 year, 4 months ago

Nurses’ recruitment fraud: ED scans role of hawala operators

Hindustan Times  

MUMBAI: The Enforcement Directorate ’s money-laundering investigation related to the alleged fraudulent collection of ₹205 crore from nurses for Kuwait jobs by a few recruitment firms has revealed that a substantial part of the proceeds of crime was allegedly sent abroad via hawala channels by the accused firms/ persons. A recruitment firm, which is under the probe’s scanner, had allegedly, …

Probe agency ED conducts raids on Jet Airways founder over money laundering case
1 year, 5 months ago

Probe agency ED conducts raids on Jet Airways founder over money laundering case

India Today  

The Enforcement Directorate on Wednesday conducted searches at around eight locations in Mumbai and Delhi in connection with a money laundering case, worth Rs 538 crore. The case was registered against Jet Airways founder Naresh Goyal and others. Apart from Naresh Goyal's premises, places related to his close friend Rajesh Chaturvedi, who is an auditor and advisor were also searched …

Probe agency seizes Rs 1.3 crore cash after raids in fake website scam case
1 year, 5 months ago

Probe agency seizes Rs 1.3 crore cash after raids in fake website scam case

India Today  

The Enforcement Directorate on Saturday seized cash amounting to Rs 1.3 crore and froze bank accounts with balances of Rs 15.8 lakh after raids at multiple locations in Delhi, Madhya Pradesh, and Maharashtra in connection with a fake website scam. The investigation was initiated by the ED based on a First Information Report registered by Uttarakhand Police against various people …

ED arrests man in Pune co-op bank fraud case worth Rs 430 Cr
1 year, 6 months ago

ED arrests man in Pune co-op bank fraud case worth Rs 430 Cr

India Today  

The Enforcement Directorate arrested one Sagar Maruti Suryawanshi, in the Pune-based Seva Vikas Co-operative Bank fraud case. The co-op bank suffered a loss of nearly Rs 430 crore, as its Directors and Chairman are responsible for giving out fraudulent loans which later turned into NPA. Subsequently, an audit of the bank, found gross fraud and misappropriation of Rs 429.6 Crore …

ED conducts searches against BYJU's CEO Raveendran's office
1 year, 7 months ago

ED conducts searches against BYJU's CEO Raveendran's office

Deccan Chronicle  

New Delhi: The Enforcement Directorate on Saturday said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's CEO Raveendran Byju and seized "incriminating" documents and digital data as part of a foreign exchange violation probe. A total of three premises, two business and one residential, were raided recently under the provisions of the Foreign Exchange Management …

ED conducts searches in church-fund embezzlement case
1 year, 7 months ago

ED conducts searches in church-fund embezzlement case

The Hindu  

The Enforcement Directorate has conducted searches in five States as part of a money-laundering probe into the alleged embezzlement of church funds. The ED investigation is based on a First Information Report registered by the Economic Offences Wing of the Madhya Pradesh police against P. C. Singh, former chairman of the Board Education Church of North India. Through a statement, …

Chinese loan app case | ED attaches ₹106-crore assets
1 year, 8 months ago

Chinese loan app case | ED attaches ₹106-crore assets

The Hindu  

The Enforcement Directorate has attached movable assets to the tune of ₹106 crore in connection with the “Chinese-controlled” loan app case. They have provided instant short-term loans to the public through loan apps and other means and charged high processing fees.,” said the agency on Wednesday. “These Chinese nationals-controlled entities have indulged in huge money laundering activities through the merchant …

Chinese loan app case: ED files chargesheet against Razorpay, others
1 year, 9 months ago

Chinese loan app case: ED files chargesheet against Razorpay, others

Live Mint  

The Enforcement Directorate Friday said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people. The accused entities include fintech companies Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited …

ED files chargesheet in Chinese loan application case
1 year, 9 months ago

ED files chargesheet in Chinese loan application case

The Hindu  

The Enforcement Directorate has filed a chargesheet against seven entities and five individuals in connection with the Chinese loan application case. The three firms are Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited. Among the other accused entities are three non-banking financial companies registered with the Reserve Bank of India — …

ED raids in over 8 spots linked to Nagpur bizmen in Rs-1,000 crore investment fraud case
1 year, 9 months ago

ED raids in over 8 spots linked to Nagpur bizmen in Rs-1,000 crore investment fraud case

India Today  

The Enforcement Directorate conducted a day-long raid on over eight locations linked to several businessmen and entry operators in Maharashtra’s Nagpur in connection with an alleged Rs-1,000 crore investment fraud case on Friday. According to sources, the case is related to an investment fraud-cum-money laundering racket run by Pankaj Mehadia and his accomplices where they duped investors of hundreds of …

ED searches 14 premises including BSE-listed company in Power Bank app fraud case
1 year, 9 months ago

ED searches 14 premises including BSE-listed company in Power Bank app fraud case

India Today  

The Enforcement Directorate conducted searches at 14 premises pertaining to Sagar Diamond Limited, a BSE listed company, RHC Global Exports Limited, their director Vaibhav Dipak Shah and their associates in Surat SEZ, Ahmedabad and Mumbai in the Power Bank App fraud case. During the search, cash worth 25 lakh, gold, diamonds and other valuables amounting to Rs 10 crore, digital …

Raids at 5 premises in Bengaluru in connection with Chinese loan app fraud
2 years, 2 months ago

Raids at 5 premises in Bengaluru in connection with Chinese loan app fraud

India Today  

Five premises in Bengaluru were raided by the Enforcement Directorate under the provisions of the Prevention of Money Laundering Act on October 19 in connection with the Chinese loan app fraud case. The case is based on 18 FIRs registered by the Cyber Crime Police Station, Bengaluru City, against numerous entities and persons in connection with their involvement in the …

Part-time job fraud: ED searches 12 entities in Bengaluru, seizes ₹5.85 crore
2 years, 2 months ago

Part-time job fraud: ED searches 12 entities in Bengaluru, seizes ₹5.85 crore

The Hindu  

The Directorate of Enforcement conducted search operations on 12 entities in Bengaluru allegedly involved in a part-time job fraud case and seized ₹5.85 crore under section 17 of the Prevention of Money Laundering Act, 2002. The ED initiated money-laundering investigation on the basis of an FIR registered in South CEN police station, Bengaluru, in the matter related to part-time job …

Money laundering case: ED conducts raid, freezes Rs 9.82 crore of 9 Chinese controlled firms
2 years, 2 months ago

Money laundering case: ED conducts raid, freezes Rs 9.82 crore of 9 Chinese controlled firms

India TV News  

Highlights ED carried out searches & frozen account balances of Rs 9.82 cr of 9 Chinese-controlled entities It's with respect to an investigation relating to the misuse of App-based token named "HPZ" ED initiated money laundering probe on basis of First Information Report dated Oct 8, 2021 Money laundering case: The Enforcement Directorate has carried out searches and frozen account …

ED seizes ₹46.67 crore in money laundering probe into HPZ Token app case
2 years, 3 months ago

ED seizes ₹46.67 crore in money laundering probe into HPZ Token app case

The Hindu  

The Enforcement Directorate has seized ₹46.67 crore lying in various bank and virtual accounts in connection with a money laundering probe involving the HPZ Token app that allegedly promised its users large gains against investments in mining machines for bitcoin and other cryptocurrencies. “Shigoo Technology Private Limited was also found linked to various Chinese-controlled companies.several other companies were receiving funds …

What is the Chinese loan app case? Key points about ED raids
2 years, 3 months ago

What is the Chinese loan app case? Key points about ED raids

Live Mint  

On September 3, the Enforcement Directorate announced that six online payment gateway locations in Bengaluru had been raided due to alleged irregularities in mobile app-based loans that were "managed" by Chinese individuals. The federal probe agency also said that during the raids, it has seized ₹17-crore worth funds kept in "merchant IDs and bank accounts of these Chinese persons-controlled entities". …

ED raids Chinese loan app firms and payment gateway firms in Bengaluru, freezes accounts worth ₹17 crore
2 years, 3 months ago

ED raids Chinese loan app firms and payment gateway firms in Bengaluru, freezes accounts worth ₹17 crore

The Hindu  

The Directorate of Enforcement conducted raids on six loan app firms owned by Chinese nationals across the city and freezed accounts with ₹17 crores. The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled and operated by Chinese persons were covered in the search operation. During the search operation, it was noticed that the entities …

ED searches fintech firms in loan app case
2 years, 3 months ago

ED searches fintech firms in loan app case

The Hindu  

The Enforcement Directorate conducted searches at six Bengaluru locations linked to Razorpay Private Limited, Cashfree Payments, Paytm Payment Services Limited and entities controlled or operated by the suspects based in China, in connection with the micro-loan App case. The premises of Razorpay Private Limited, Cashfree Payments, Paytm Payment Services Limited and entities controlled/operated by Chinese persons are covered in the …

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