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 and Cloud Atlas Future Technology Private Limited which are "controlled" by the Chinese nationals and three non-banking financial companies registered with RBI named X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private Limited. Payment gateway Razorpay Software Private Limited has also been named in the charge sheet as an accused, the agency said. The money laundering case of the ED stems from multiple FIRs of the Bengaluru Police CID which were filed based on complaints received from various customers who had availed loans and "faced harassment" from the recovery agent of these money-lending companies.

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History of this topic

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 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 …

Fraudulent loan apps proliferate in India. But how big of a problem are they?
11 months, 3 weeks ago

Fraudulent loan apps proliferate in India. But how big of a problem are they?

Firstpost  

The Centre has ordered popular social media platforms and other websites not to host The Centre is cracking down on fraudulent loan apps. The government on Wednesday ordered social media platforms and other websites not to host Union minister Rajeev Chandrasekhar said, “One of the areas we are now cracking down on is advertising of fraudulent loan apps that many …

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 …

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 — …

RazorpayX launches its own digital lending platform for NBFCs ahead of RBI's 30 Nov deadline
2 years, 1 month ago

RazorpayX launches its own digital lending platform for NBFCs ahead of RBI's 30 Nov deadline

Firstpost  

As the Reserve Bank of India’s deadline for adoption of digital lending guidelines is coming closer, it has made lending merchants rethink their payment infrastructure and the ways that they used to transfer their money. Business banking platform Razorpay has come up with its own digital lending solution titled ‘RazorpayX Digital Lending 2.0’. According to Razorpay, the platform will “automate …

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 …

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 searches PayTM, Easebuzz, Razorpay, Cashfree, freezes Rs 46 crore in Chinese loan app case
2 years, 3 months ago

ED searches PayTM, Easebuzz, Razorpay, Cashfree, freezes Rs 46 crore in Chinese loan app case

India Today  

The Enforcement Directorate has frozen Rs 46.67 crore kept in various bank accounts and virtual accounts of payment gateways PayTM, Easebuzz, Razorpay and Cashfree after conducting searches in connection with Chinese loan app case, officials said. “Rs 33.36 crore was found with Easebuzz Private Limited, Rs 8.21 crore with Razorpay Software Private Limited, Rs 1.28 crore with Cashfree Payments India …

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 …

The fatal lure of instant loan apps
2 years, 3 months ago

The fatal lure of instant loan apps

The Hindu  

“Mummy, I am leaving.” This is how Amit Yadav, 35, a mechanic from Madhya Pradesh’s Indore, concluded his note on August 23 before adding the words “ek fakir insaan ” below his name and signature. In response, Union Finance Minister Nirmala Sitharaman said the Central government had taken cognisance of such cases where digital loan apps “originating from one particular …

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 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 …

ED raid on loan apps reveals strong Chinese presence in crypto crimes
2 years, 3 months ago

ED raid on loan apps reveals strong Chinese presence in crypto crimes

The Hindu  

Published : Aug 26, 2022 16:45 IST The Enforcement Directorate, still preoccupied with unearthing corruption and money laundering among opposition politicians, has decided to turn its attention to those involved in the crypto business in the country as well. Entities engaged in predatory lending deposited funds in the rupee wallets of Yellow Tune, which were then converted into cryptocurrency tokens …

Look out notice issued against Chinese national involved in loan app scam
2 years, 5 months ago

Look out notice issued against Chinese national involved in loan app scam

The Hindu  

The Bureau of Immigration has issued a look out circular against Liu Yi, a Chinese national, for his alleged involvement in running an illegal digital loan mobile app case in India. Yi used to run many illegal digital loan apps in India such as KOKO Loan, JOJO Loan, Golden Lightening Loan and Silver Kredit Loan. Obscene messages and indecent pictures, …

Beware! 600 fake money lending apps operating in India, says RBI report
3 years ago

Beware! 600 fake money lending apps operating in India, says RBI report

India TV News  

Highlights As many as 600 illegal money lending apps are operating in India, says RBI These apps are available on multiple app stores for Android users These apps can search through key words like loan, instant loan, quick loan, etc Fake Money Lending Apps in India: As many as 600 illegal money lending apps are operating in India, a report …

Illegal loan firm run by Chinese nationals busted in Bengaluru
3 years ago

Illegal loan firm run by Chinese nationals busted in Bengaluru

Op India  

Karnataka Police have busted a loan racket run by two Chinese Nationals who were involved in fraudulent money transactions and gave loans to people at exorbitant processing fees and unreasonably high interest rates. #Karnataka police have busted a racket allegedly run by #Chinese nationals, who gave loans at exorbitant rates and harassed and humiliated the customers for ‘violation’ of laws, …

RBI report finds 600 illegal loan apps operating in India
3 years, 1 month ago

RBI report finds 600 illegal loan apps operating in India

The Hindu  

A Reserve Bank of India Working Group on digital lending, including lending through online platforms and mobile apps, has stumbled upon more than 600 illegal loan apps operating in India. In course of its filed work to prepare a detailed report on digital lending and to suggest recommendations, the WG found out the existence of over 1,100 unique loan apps …

Will come out of it soon: PC Financial on its ED probe for Chinese links
3 years, 2 months ago

Will come out of it soon: PC Financial on its ED probe for Chinese links

India Today  

PC Financial Services Pvt Ltd, a non-banking financial organisation which is being investigated by the Enforcement Directorate for their alleged link with a Chinese national, on Wednesday said that they would be out of this situation very soon. The ED recently initiated a probe under the Foreign Exchange Management Act against PC Financial Services Pvt Ltd, which provides instant personal …

ED attaches assets worth Rs 76 Crore in Chinese loan app scam
3 years, 7 months ago

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

India Today  

The Enforcement Directorate has attached money to the tune of Rs 76.67 crore, lying in various bank accounts and payment gateways, in connection with Chinese loan application companies and their Indian associates, officials said. The amount attached by ED pertains to seven companies, out of which three are fintech companies -- Mad Elephant Network Technology Private Limited, Baryonyx Technology Private …

Deep Dive | How China-based money lending apps are devastating gullible Indian borrowers
3 years, 11 months ago

Deep Dive | How China-based money lending apps are devastating gullible Indian borrowers

India Today  

China saw a spate of incidents involving 'loans for nudes' scams in 2016. Such mobile apps are hardly ideal as they involve exorbitant interest rates and like the earlier example, access the private data from the borrowers' phone. INDIAN SECURITY AGENCIES GET CRACKING The Central Crime Branch of the Chennai Police on Sunday arrested two Chinese nationals in Bengaluru for …

Beware of illegal digital lending apps: RBI
4 years ago

Beware of illegal digital lending apps: RBI

The Hindu  

The Reserve Bank of India has advised public to be wary of unauthorised digital lending platforms and mobile apps. Taking note of reports about individuals and small businesses falling prey to a growing number of unauthorised digital lending platforms/mobile apps, the central bank on Wednesday said “members of public are cautioned not to fall prey to such unscrupulous activities.” It …

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