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ED attaches Rs 105 crore in bank a/cs of 12 NBFCs in Chinese micro loan case | India News


NEW DELHI: ED as of Wednesday, a bank balance of more than Rs 105 crore was in various payment gateway accounts of 12 NBFCs linked to Chinese nationals involved in microlending with a value of Rs 4,000 and earned more than Rs 800 in profit.
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.





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