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Razorpay among 7 firms charged in loan app case

New Delhi, March 17 The Enforcement Directorate today said it had filed prosecution complaint (equivalent to a chargesheet) under the PMLA against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in...
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New Delhi, March 17

The Enforcement Directorate today said it had filed prosecution complaint (equivalent to a chargesheet) under the PMLA against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a case linked to Chinese loan apps, which allegedly cheated numerous people.

The ED said the special PMLA court in Bengaluru had taken cognisance of the prosecution complaint. A total of seven entities and five individuals had been named as accused in the chargesheet, the agency said.

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The entities included fintech companies Mad Elephant Network Technology, Baryonyx Technology and Cloud Atlas Future Technology, all “controlled” by Chinese nationals and three non-banking financial companies (NBFCs) registered with RBI — X10 Financial Services, Track Fin-ed and Jamnadas Morarjee Finance.

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