Rs 9.82 cr in payment gateway a/cs frozen in Chinese loan apps probe

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New Delhi, September 29

In a fresh crackdown on alleged Chinese loan apps racket, the Enforcement Directorate (ED) today said it has frozen Rs 9.82 crore worth of funds kept in merchant IDs with certain online payment gateways as part of its ongoing probe under provisions of the Prevention of Money laundering Act (PMLA).

Were operating multiple apps

Various Chinese-controlled entities in service agreements with various NBFCs were operating multiple suspicious loan/other apps. They get funds from the public on the pretext of operating these apps. Enforcement Directorate

This is the second time that the ED has frozen funds kept in merchant IDs with certain online payment gateways.

The ED in an official statement said, “Various Chinese-controlled entities like Comein Network Technology Private Limited and others, in service agreements with various NBFCs (non-banking financial companies), were operating multiple suspicious loan/other apps such as Cashhome, Cashmart, Easyloan etc. And they indulge in receiving funds from the public on the pretext of operating these apps (mobile applications).”

The app-based token under investigation in this case is HPZ and the entities whose funds have been frozen under provisions of the PMLA 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, it said.

“Account balances worth Rs 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,” it said.

The ED had earlier this month undertaken a similar operation and frozen funds worth Rs 46.67 crore.