Enforcement Directorate confiscated money of Chinese loan app

New Delhi: The Enforcement Directorate (ED) has seized assets worth Rs 76 crore from Chinese loan applications. The action will be taken against the cases registered under the Anti-Money Laundering Act.

The ED has registered a case against seven companies for exploiting customers who failed to repay during the lockdown and some even committing suicide. This includes three Chinese-controlled Fintech companies and three Indian non-banking financial institutions affiliated with them.

In addition, a fine has been levied on Razarpe, an online money transfer company. A total of assets worth Rs 76.67 crore have been seized as part of the first phase of the operation and many people, including Indians, are being monitored, ED officials said.

The companies allegedly possessed customers’ pictures and personal information over the phone in connection with loan repayments and threatened relatives by sending fake lawyer notices. Complaints against these companies have been raised in various places, including Bangalore, after many committed suicide out of resentment.

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