New Delhi Aug 04:- The ED on Wednesday attached bank balances of more than Rs 105 crore lying in various payment gateways accounts of 12 NBFCs having links with Chinese nationals who were involved in micro lending to the tune of Rs 4,000 crore and having collected over Rs 800 crore in interest.
The agency has investigated a number of NBFCs based in Hyderabad and other parts of the country and found lending by these NBFCs for short term personal loans. “It is revealed that various fintech companies backed by Chinese funds have entered into arrangements with these NBFCs for providing instant personal loans of term ranging from seven to 30 days,” ED said.
The Enforcement Directorate (ED) attached funds of over Rs 72 crore of a non-banking financial company (NBFC) in connection with a money laundering investigation against mobile phone app-based loan dishing companies which were “flush with investments” from China and Hong Kong, the agency said on
The ED had earlier attached assets of over Rs 159 crore, taking the total attachment in the case to over Rs 264 crore.
The probe has revealed that these NBFCs and fintech companies have brought in and disbursed a total of Rs 4,430 crore and gained a total profit of Rs 819 crore, according to the ED.
“Therefore, the Rs 819 crore is considered to be the proceeds of crime. ED has managed to identify balances in 233 bank accounts and is attaching the same under PMLA to preserve the proceeds of crime,” it said.
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