ED freezes INR 46.67 crore associated with various Chinese lending apps

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Confirming media reports, the Enforcement Directorate announced on Friday (September 16) that it conducted multiple raids on banks and fintech startups on Wednesday as part of a money laundering investigation.

The agency stated in a public statement that during the crackdown, an amount totaling INR 46.67 Cr associated with various Chinese lending apps and lying in various bank and virtual accounts was frozen. The investigation is currently underway, according to the law enforcement agents. Multiple incriminating documents were seized during the searches, according to the report. Furthermore, the ED noted that ‘huge balances’ were maintained in the accused entities’ virtual accounts. The operations took place at 22 commercial and residential locations in major cities such as Delhi, Mumbai, Bengaluru, Hyderabad, and Pune, among others. The raids targeted banks, payment gateways, and other major fintech companies such as Cashfree, Razorpay, and Paytm.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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ED freezes INR 46.67 crore associated with various Chinese lending apps

Confirming media reports, the Enforcement Directorate announced on Friday (September 16) that it conducted multiple raids on banks and fintech startups on Wednesday as part of a money laundering investigation.

The agency stated in a public statement that during the crackdown, an amount totaling INR 46.67 Cr associated with various Chinese lending apps and lying in various bank and virtual accounts was frozen. The investigation is currently underway, according to the law enforcement agents. Multiple incriminating documents were seized during the searches, according to the report. Furthermore, the ED noted that ‘huge balances’ were maintained in the accused entities’ virtual accounts. The operations took place at 22 commercial and residential locations in major cities such as Delhi, Mumbai, Bengaluru, Hyderabad, and Pune, among others. The raids targeted banks, payment gateways, and other major fintech companies such as Cashfree, Razorpay, and Paytm.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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