News Snapshot:
[fintech] companies and NBFCs “backed by” Chinese funds have generated proceeds of crime worth more than Rs 940 crore by indulging in predatory lending activities and violating [RBI] guidelines while operating in [India] , the [Enforcement Directorate] said on Wednesday. The federal probe agency has mounted a crackdown on such companies who, it said, were “operating on the basis of instructions from Chinese, Hong Kong persons” as they inked agreements with a clutch of domestic non-banking financial companies (NBFCs) to enter into the business of providing illegal “instant personal loans” to gullible public of the country, a money laundering investigation...
