Chinese loan apps: ED freezes fresh ₹9.82 cr worth funds; check list of names
The ED has frozen ₹9.82 crore worth funds kept in merchant IDs with certain online payment gateways as part of an ongoing money laundering investigation against a "Chinese-controlled" investment token app.
This is the second time that the ED has frozen funds kept in merchant IDs with certain online payment gateways.
"Various Chinese-controlled entities like Comein Network Technology Private Limited and others, in service agreements with various NBFCs (non banking financial companies) were also operating multiple suspicious loan/other apps such as Cashhome, Cashmart, Easyloan etc. and they indulge in receiving funds from public on pretext of operating these apps (mobile applications)," the federal agency said in a statement.
The app-based token under investigation in this case is HPZ and the entities whose funds have been frozen under the anti-money laundering law include Comein Network Technology Private Ltd, Mobicred Technology Private Ltd, Magic Data Technology Private Ltd, Baitu Technology Private Ltd, Aliyeye Network Technology India Pvt Ltd, Wecash Technology Private Ltd, Larting Private Ltd, Magic Bird Technology Private Ltd and Acepearl Services Private Ltd.
"Account balances worth ₹9.82 crore of various Chinese-controlled entities maintained with payment gateways, in respect of an investigation relating to the misuse of app-based token named HPZ and other similar applications by several entities, have been frozen," the ED said.
The Enforcement Directorate had earlier this month undertaken a similar operation and frozen funds worth ₹46.67 crore. These funds were stated by the agency to be belonging to certain merchant entities and held in payment gateways like Easebuzz, Razorpay, Cashfree and Paytm.
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