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.
During the operations ₹1.30 crore in cash was seized. The probe is on the FIRs registered against companies and persons in Bengaluru, Kazipet, and Jangaon.
The accused harassed the customers through threats and abuses over phone, unauthorised access to their personal information or data, and circulation of morphed photographs of the borrowers as well as their family members to their contacts.
According to the ED, the suspect fintech companies and non-banking financial companies (NBFCs), 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.
In the same case, the ED had earlier seized or frozen bank balances and fixed-deposits to the tune of Rs.19.43 crore.
