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 search operation,” said the agency. The authorities were satisfied by our due diligence process.” During the searches, the ED found that the entities were allegedly generating proceeds of crime through the Merchant IDs/accounts and that they were also not operating from the addresses given on the Ministry of Corporate Affairs’ website. In a statement, Cashfree Payments’ spokesperson said: “We extended our diligent co-operation to the ED operations, providing them the required and necessary information on the same day of enquiry.

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History of this topic

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 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 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 …

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 — …

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 …

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 …

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 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 …

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 …

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