The agency investigated several NBFCs based in Hyderabad and other parts of the country and found these NBFCs gave short-term personal loans. “Different fintech companies backed by Chinese funds have entered into agreements with these NBFCs to provide instant personal loans with terms ranging from seven to 30 days,” the ED said. .
Previously attached ED asset over Rs 159 crore, take total attached in case more than Rs 264 crore.
The investigation revealed that these NBFCs and fintech firms brought in and disbursed a total of Rs 4,430 crore and obtained a total profit of Rs 819 crore, according to the ED.
“Therefore, Rs 819 crore is considered as proceeds of crime. The ED has managed to determine balances in 233 bank accounts and is attaching similar balances under the PMLA to preserve the proceeds of crime,” it said.