Bengaluru, May 11 (UNI) Enforcement Directorate (ED) attaches, under the Prevention of Money Laundering Act, 2002 (PMLA), Rs 76.67 Crore, lying in various bank accounts and payment gateways pertaining to Chinese Loan App companies and their Indian associates.
The attachments follow FIRs registered by CID, Bengaluru, based on the complaints received from various customers, who had availed loan and faced harassment from the recovery agent of these money lending companies.
The amount attached pertain to 7 companies out of which three are Fintech companies namely Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are controlled by the Chinese nationals and three NBFCs registered with RBI namely X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private Limited. The Fintech companies have agreements with respective NBFCs for disbursement of loans through digital lending apps.