The Enforcement Directorate (ED) has provisionally attached balance worth ₹105.32 crore in various bank accounts and with payment gateway accounts of 12 non-banking financial companies (NBFCs) namely Inditrade Fincorp Limited, Aglow Fintrade Private Limited and others, and their associated fintech companies.
ED initiated money laundering investigation on the basis of various FIRs registered by Cyber Crime police station, Hyderabad, under various sections of IPC and Section 67 of IT Act.
The agency has been conducting probe into a number of Indian NBFCs which are in the business of instant personal micro 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,” an ED official said.
