Law Enforcement Directorate freezes Rs 78 deposits in Chinese loan app case : The Tribune India
New Delhi, October 21
The Directorate of Law Enforcement said today that it has frozen new deposits worth Rs 78 crore following raids on the premises of payment gateway Razorpay and some banks in the as part of its ongoing investigation under the provisions of the PMLA into alleged illegal operations of lending apps “controlled” by Chinese nationals. .
The searches were carried out at five premises in Bangalore on October 19, the ED said in a statement.
These entities are controlled by Chinese nationals. The modus operandi is to use fake Indian documents and make them bogus administrators and generate proceeds of crime. OF
ED’s case under the PMLA is based on 18 FIRs filed by the Bengaluru Police Cybercrime Police Station against numerous entities and individuals for their involvement in extortion and harassment of the public, who had benefited from small loans via mobile applications managed by them. . “The said entities were found to be doing their suspicious/illegal activities through various merchant IDs/accounts held with payment gateways and banks,” he added. These entities generated “proceeds of crime” through various merchant IDs and accounts held with payment gateways and banks.
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