ED raids on Chinese loan apps in Bangalore, seizes 17 crores

Enforcement Directorate (ED) officials raided Chinese loan app offices and seized around Rs 17 crore.

ED has raided 7 places in Bangalore including HSR Layout and Koramangala. The officers of the Background Enforcement Directorate have launched a raid after receiving many complaints from the public.

It is learned that the raids took place at the Bangalore offices of online payment firms like Razerpay, Paytm and Cashfree, which are illegal instant smartphone-based lenders controlled by Chinese individuals.

18 FIRs have been registered against Chinese loan apps in the cyber crime police stations of Bangalore, and the public has filed complaints against Chinese loan apps. Based on this, ED officials have raided.

Many Chinese companies had created loan applications in the name of Indians by creating fake documents. Chinese companies created fake directors and ran the loan app. After receiving a complaint about this, the ED raided and seized the bank records and accounts.