News Snapshot:
A number of 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...