ED attaches Rs 76.67 crore of Chinese companies in instant l

ED attaches Rs 76.67 crore of Chinese companies in instant loan app fraud cases


ED attaches Rs 76.67 crore of Chinese companies in instant loan app fraud cases
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Last Updated: May 11, 2021, 08:26 PM IST
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Synopsis
"The Fintech companies have agreement with respective NBFCs for disbursement of loans through digital lending apps. The amount attached by ED also include amount of fee charged by Razorpay Software Private Limited to the extent of Rs.86.44 lakhs for not conducting due diligence in case of one company enrolled with it for disbursement and collection of loans", the release said.
Agencies
The agency has claimed that it's probe revealed that these Chinese loan apps offered loans to individuals and levied usurious rate of interest and processing fees.

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