ED attaches ₹77cr of Chinese firms in fraud case

The Enforcement Directorate (ED) has attached ₹76.67 crore, lying in various bank accounts and payment gateways pertaining to Chinese loan app companies and their Indian associates, agency said in a statement said.

The central anti-money laundering probe agency had launched a probe against China backed fintech lenders in January this year on the basis of various 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.

In a statement, ED said “the amount attached by it pertains to seven 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