Fintechs funded by China money generated Rs 950-crore slush funds: ED


Source: vnexplorer.net vnexplorer.net

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The total attachment in this case stands at Rs 158.97 crore now, it said. 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...