New Delhi: The Enforcement Directorate has seized assets worth Rs 76 crore from Chinese loan applications. The action will be taken against the cases registered under the Anti-Money Laundering Act. The Enforcement Directorate has registered a case against seven companies for exploiting customers who failed to repay during the lockdown and some even committing suicide. This includes three Chinese-controlled Fintech companies and three Indian non-banking financial institutions affiliated with them. In addition, a fine has been levied on Razarpe, an online money transfer company.
As part of the first phase, a total of Rs 76.67 crore worth of assets have been seized and many people, including Indians, are being monitored, ED officials said. The companies allegedly possessed customers’ pictures and personal information over the phone in connection with loan repayments and threatened to send fake lawyer notices to relatives. Complaints against these companies have been raised in various places, including Bangalore, as many people have committed suicide out of remorse.
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