ED accuses Razorpay and others in Chinese loan application case

The Enforcement Directorate announced on Friday that it has filed a complaint with the Special PMLA Court in Bengaluru against seven organisations and five persons implicated in the Chinese loan app issue.

The court has accepted the complaint, the ED stated. The accused firms include three fintech companies controlled by Chinese nationals: Mad Elephant Network Technologies Pvt Ltd, Baryonyx Technology Pvt Ltd, and Cloud Atlas Future Technology Pvt Ltd.

Three RBI-registered NBFCs, X10 Financial Services Pvt Ltd, Track Fin-ed Pvt Ltd, and Jamnadas Morarjee Finance Pvt Ltd, and payment gateway Razorpay Software Pvt Ltd, have also been mentioned as accused parties in the chargesheet, according to the agency.

Previously, the ED filed two provisional attachment orders and attached Rs 77.25 crore from bank accounts and payment gateways involved in the probe. ED had also launched a probe based on several FIRs filed by CID, Bengaluru, in response to complaints received from consumers who had taken out loans and experienced harassment at the hands of the recovery agents of these organisations.

ED’s research revealed that fintech companies had arrangements with NBFCs to distribute loans via digital lending applications. The inquiry conducted by the ED discovered that “these fintech businesses are illegally operating the money lending industry, and the NBFCs intentionally allowed them to use their names for the sake of commission without being mindful of their behaviour.”

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Hi, my name is Nisha and I'm an educational journalist based in India. I've always been passionate about the power of education to transform lives, and that's what led me to pursue a career in journalism focused on this area. I completed my Bachelor's degree in English from Hindu College in Delhi in 2013 and then went on to earn my Master's in Journalism and Mass Communication from the Indian Institute of Mass Communication in 2017. During my studies, I also completed several short-term courses on Education in India, Sociology, and other related subjects to deepen my knowledge in this field. I'm particularly interested in improving access to quality education in rural areas, where students often face significant challenges. I've worked on a number of initiatives to address this issue, including advocating for better policies, resources, and practices that can make a difference. As an educational journalist, I'm passionate about using my platform to highlight important issues in the education space. I've covered a wide range of topics, including the impact of technology in the classroom, innovative approaches to teaching and learning, and the challenges facing students from marginalized communities. One of the things I love most about my work is the opportunity to constantly learn and grow. I'm an avid reader and believe that reading is key to expanding one's knowledge and perspective. I'm always seeking out new ideas and insights to help me better understand the world around me. In summary, as an educational journalist, I'm dedicated to using my skills and expertise to make a positive impact in the field of education. I'm committed to improving access to quality education for all students and to using my platform to raise awareness about important issues in this area.

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