Loan app – Kenke Pelicula http://kenkepelicula.com/ Wed, 21 Sep 2022 16:04:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kenkepelicula.com/wp-content/uploads/2021/10/kenke.png Loan app – Kenke Pelicula http://kenkepelicula.com/ 32 32 Andhra Pradesh: Online lending app gangs poured money into cryptocurrency trade, police say https://kenkepelicula.com/andhra-pradesh-online-lending-app-gangs-poured-money-into-cryptocurrency-trade-police-say/ Wed, 21 Sep 2022 14:39:00 +0000 https://kenkepelicula.com/andhra-pradesh-online-lending-app-gangs-poured-money-into-cryptocurrency-trade-police-say/ “The operators opened fake accounts in several banks and used them to carry out illegal business transactions” “The operators opened fake accounts in several banks and used them to carry out illegal business transactions” Police in Krishna district, which shut down the illegal operations of Maharashtra-based online lending apps, said the fraudsters operated by opening […]]]>

“The operators opened fake accounts in several banks and used them to carry out illegal business transactions”

“The operators opened fake accounts in several banks and used them to carry out illegal business transactions”

Police in Krishna district, which shut down the illegal operations of Maharashtra-based online lending apps, said the fraudsters operated by opening fake accounts in several banks and investing in cryptocurrency trading.

Loan application officers reportedly harassed those who took out loans but failed to repay. They allegedly sent transformed nude photographs, vulgar and insulting messages to defaulters and their relatives.

“Following a complaint, we planned a decoy operation. A police officer deposited money in a bank account belonging to a loan application. The Cybercrime and IT Core team tracked the transactions of the account, which led to Sinnar village in Maharashtra. With the help of local police, we have arrested four people associated with the loan application,” said Police Superintendent P. Joshua Krishna.

The investigation revealed that the gangs were investing in cryptocurrency trading and the apps had ties to other countries. Some bank officers and collection agencies are also under scanner, says the SP.

“The accused opened accounts en masse in several banks. They operated from remote locations and changed phone SIM cards frequently. They hired recovery agents locally in the states where they operated. The defendants were operating from New Delhi, Maharashtra, West Bengal, Haryana and other states,” Mr Joshua said.

Lending app operators were opening accounts at banks with more branches with online banking in some locations. The operators hired professionals to create the applications and transform the photographs of the defaulters.

Police are investigating how loan app operators opened multiple bank accounts by submitting fake credentials and how they managed to obtain bulk phone SIM cards, which debt collectors have used to blackmail defaulters, the SP said.

“The lending app operators were making huge transactions through the fake bank accounts on a daily basis. We are investigating how the transactions went unnoticed by the banking authorities,” Mr Joshua said.

The SP called on people not to download or use such fraudulent loan apps.

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Popular mobile lending app Tala misses first CBK approved lenders https://kenkepelicula.com/popular-mobile-lending-app-tala-misses-first-cbk-approved-lenders/ Mon, 19 Sep 2022 09:49:35 +0000 https://kenkepelicula.com/popular-mobile-lending-app-tala-misses-first-cbk-approved-lenders/ Capital markets Popular mobile lending app Tala misses first CBK approved lenders Monday, September 19, 2022 The Central Bank of Kenya, Nairobi, Wednesday, December 30, 2020. PHOTO | DENNIS ONSONGO | NMG Tala and 4G Capital are among the popular Digital Credit Providers (DCPs) missing from the regulator’s initial list of people allowed to operate […]]]>

Capital markets

Popular mobile lending app Tala misses first CBK approved lenders


The Central Bank of Kenya, Nairobi, Wednesday, December 30, 2020. PHOTO | DENNIS ONSONGO | NMG

Tala and 4G Capital are among the popular Digital Credit Providers (DCPs) missing from the regulator’s initial list of people allowed to operate in Kenya.

The Central Bank of Kenya (CBK) on Monday released a list of 10 out of 288 DCPs that have applied for a new license to operate in the country.

The regulator, however, clarified that other providers would be listed as the vetting process continues for those who have met the September 17 application deadline.

“Other applicants are at various stages of this process, largely awaiting the submission of required documentation,” reads part of the statement released by the CBK.

The ten candidates on the CBK’s initial list include Ceres Tech Limited, Getcash Capital Limited, Glando Africa Limited (Trading as Flash Credit Africa), Jijenge Credit Limited and Kweli Smart Solutions Limited.

Others include Mwanzo Credit Limited, MyWagepay Limited, Rewot Ciro Limited, Sevi Innovation Limited and Sokhela Limited.

Mobile loans have grown exponentially in recent years as low-income households have been attracted by the ease of access.

Digital lenders who fail to comply with the strict consumer protection rules introduced under the Digital Credit Providers Regulations, 2021 will be shut down.

Under the new rules, DCPs are required to provide a certificate of incorporation, memorandum and articles of association of the applicant and any significant shareholders.

Mobile phone lenders are also required to disclose the total charges for their loans, including interest rates, late payments and rollover fees, before issuing credit to customers.

President Uhuru Kenyatta last December approved an amendment to the law allowing the central bank to regulate digital lenders, a move that gave the bank the power to curb lenders that violate consumer privacy.

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*The story has been revised to remove Branch as one of the companies not yet listed by CBK. The digital lender has obtained a license following its acquisition of Century MFB, a local microfinance bank, in February this year.

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Nandyal student ends his life in alleged harassment of loan application https://kenkepelicula.com/nandyal-student-ends-his-life-in-alleged-harassment-of-loan-application/ Sat, 17 Sep 2022 13:27:19 +0000 https://kenkepelicula.com/nandyal-student-ends-his-life-in-alleged-harassment-of-loan-application/ Due to a delay in reimbursing the money, the loan application officers started harassing him with calls and messages. Via the Newsmeter network Published on September 17, 2022 13:27 GMT Nandyal: Two weeks after a couple died by suicide in Rajahmundry in East Godavari district after being harassed by loan application officers, another suspected suicide, […]]]>

Due to a delay in reimbursing the money, the loan application officers started harassing him with calls and messages.

Via the Newsmeter network Published on September 17, 2022 13:27 GMT


Nandyal student ends his life in alleged harassment of loan application

Nandyal: Two weeks after a couple died by suicide in Rajahmundry in East Godavari district after being harassed by loan application officers, another suspected suicide, allegedly linked to loan applications, has been reported in the Nandyal district of Andhra Pradesh. The victim, Virendra, resided at Balaji complex in Nandyal and was a second year BTech student at an engineering college in Bengaluru. His father owns an electrical store and has three children; Virendra was the youngest son.

According to I-Town SI Subbarami Reddy, “This is a suspected case of loan application harassment, but we haven’t confirmed it yet. We haven’t checked his cell phone yet. The boy allegedly also failed two subjects.”

According to sources, Virendra recently took out a loan from a lending app. Due to a delay in reimbursing the money, the loan application officers started harassing him with calls and messages. They also called his family and friends, asking them to repay the loan. Loan application officers transformed a photo of Virendra with the message “This guy took a loan and is not paying it back. His file will be sent to the police. I am giving your number as a reference, so you must pay the ready.” Agents sent this message to Virendra’s friends.

Virendra’s father filed a complaint following the death of his son. I-Town police have registered a case and opened an investigation.

7 arrested for loan application fraud

After Chief Minister YS Jagan Mohan Reddy told authorities to take serious action against loan application officers, police in the southern area of ​​Rajamahendravaram arrested seven people in connection with the Rajahmundry couple’s suicide. According to East Godavari Police, the couple took loans from around seven loan apps and were harassed by officers from two loan apps, Hundi Loan and Speed ​​Loan. Four days ago, the police discovered that the accused had made bank transactions of Rs. 1 crore and changed bank accounts frequently.

Next story

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Chinese loan app case: ED freezes funds from Paytm, Easebuzz, Razorpay, Cashfree payment gateways https://kenkepelicula.com/chinese-loan-app-case-ed-freezes-funds-from-paytm-easebuzz-razorpay-cashfree-payment-gateways/ Fri, 16 Sep 2022 07:47:46 +0000 https://kenkepelicula.com/chinese-loan-app-case-ed-freezes-funds-from-paytm-easebuzz-razorpay-cashfree-payment-gateways/ The Law Enforcement Directorate has raided Chinese-controlled lending apps and seized funds worth ₹46.67 crores kept in Easebuzz, Razorpay, Cashfree and Paytm payment gateways. These funds have been frozen under the anti-money laundering law, according to the PTI news agency. On Wednesday, searches were carried out at several premises of the accused in Delhi, Mumbai, […]]]>

The Law Enforcement Directorate has raided Chinese-controlled lending apps and seized funds worth 46.67 crores kept in Easebuzz, Razorpay, Cashfree and Paytm payment gateways. These funds have been frozen under the anti-money laundering law, according to the PTI news agency.

On Wednesday, searches were carried out at several premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow and Gaya.

In an official statement, the federal agency informed that a total of 16 premises of banks and payment gateways in Delhi, Pune, Gurugram, Mumbai, Chennai, Hyderabad, Jaipur, Jodhpur and Bengaluru regarding an app-related investigation. based on the token named HPZ and related entities have also been covered.

The federal agency also recovered various incriminating documents related to the Chinese loan applications case during the search operation conducted on September 14. The case was registered by the Kohima Police Cybercrime Unit in Nagaland in October 2021.

“Huge balances were found to be maintained in the virtual accounts of entities involved with payment aggregators such as 33.36 crore was found with Easebuzz Private Limited, Pune, 8.21 crores with Razorpay Software Private Limited, Bangalore, 1.28 crore with Cashfree Payments India Private Limited, Bangalore and 1.11 crore with Paytm Payments Services Limited, New Delhi,” he added, as quoted by ANI news agency.

Earlier on September 3, the ED also conducted raids on the Bengaluru premises of these online payment gateways as part of an ongoing investigation into ‘illegal’ smartphone instant loans ‘controlled’ by Chinese. .

During the searches, she seized a quantity of 17 crore which were kept “in the merchant IDs and bank accounts of these entities controlled by Chinese persons”. The modus operandi of these entities is that they used fake Indian documents and made them bogus directors of the entities and generated proceeds of crime

The case is based on 18 FIRs registered by the Bengaluru Police Cybercrime Station against numerous entities/persons in relation to their involvement in extortion and harassment of people who had availed small loans through the managed mobile applications by entities/persons.

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Chinese Loan Application Case: ED raids Paytm, PayU offices in various metropolitan cities https://kenkepelicula.com/chinese-loan-application-case-ed-raids-paytm-payu-offices-in-various-metropolitan-cities/ Wed, 14 Sep 2022 12:32:27 +0000 https://kenkepelicula.com/chinese-loan-application-case-ed-raids-paytm-payu-offices-in-various-metropolitan-cities/ Image Source: PHOTO FILE The latest raid on Paytm’s premises took place on September 3. Case of Chinese loan application: The Enforcement Branch has carried out new searches at several locations belonging to the Paytm and PayU payment gateway. The raid is in relation to Chinese loan applications. According to sources, the raids took place […]]]>
Image Source: PHOTO FILE The latest raid on Paytm’s premises took place on September 3.

Case of Chinese loan application: The Enforcement Branch has carried out new searches at several locations belonging to the Paytm and PayU payment gateway. The raid is in relation to Chinese loan applications. According to sources, the raids took place in Mumbai, Delhi, Gurugram, Lucknow and Kolkata. There is, however, no official comment from the Directorate of Enforcement regarding these raids.

The latest searches took place on September 3 at premises belonging to online payment gateway, including Razorpay Pvt Ltd, Cashfree Payments and Paytm Payment Services Ltd.

The case is based on 18 FIRs registered by the Bengaluru City Cybercrime Police Station, against numerous individuals for their involvement in extortion and harassment of the public who had availed small loans through the managed mobile apps. by these entities.

“During investigations, it came to light that these entities are run by Chinese people. The modus operandi of these entities is that by using fake Indian documents and making them dummy directors of these entities, they generate proceeds of crime,” the ED had said. said.

The ED had stated that it was made aware that the entities were carrying out their suspicious activities through various merchant IDs/accounts held with payment gateways/banks.

The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled/operated by Chinese persons were targeted by the search operation.

“During research operations, it was noticed that the said entities were generating proceeds of crime through various merchant IDs/accounts held with payment gateways/banks and also not operating from the addresses given on MCA website/registered address and had fake An amount of Rs 17 cr was seized from merchant IDs and bank accounts of these Chinese controlled entities,” the ED official had said.

Meanwhile, a spokesperson for Razorpay said: “Some of our merchants were under investigation by law enforcement about a year and a half ago. As part of the investigation in course, authorities have requested additional information to assist in the investigation. We have cooperated fully and shared KYC and other details. Authorities have been satisfied with our due diligence process.”

Search operations are still ongoing.

(With contributions from the agency)

Also read: Rs 500 cr instant loan and extortion scam involving Chinese nationals busted; 22 inmates

latest news from india

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Chinese loan app racket: Gurgaon cops say scam linked to fake companies https://kenkepelicula.com/chinese-loan-app-racket-gurgaon-cops-say-scam-linked-to-fake-companies/ Mon, 12 Sep 2022 07:05:19 +0000 https://kenkepelicula.com/chinese-loan-app-racket-gurgaon-cops-say-scam-linked-to-fake-companies/ Gurugram police said the four suspects arrested in connection with a Chinese phone app lending racket were hired and trained by a man who was on board several illegal companies involved in the deception, and added that illegal call centers had also been set up following his example. At a press conference on Saturday, the […]]]>

Gurugram police said the four suspects arrested in connection with a Chinese phone app lending racket were hired and trained by a man who was on board several illegal companies involved in the deception, and added that illegal call centers had also been set up following his example.

At a press conference on Saturday, the Serious Fraud Investigation Bureau (SFIO) said that after search and seizure operations by the Ministry of Union Affairs on September 8, the agency had arrested a person by the name of Dorste (first name only) from Gaya.

Police said searches were carried out at the offices of Jillian Consultants India Private Ltd, a wholly owned subsidiary of Jilian Hong Kong Ltd., in Gurugram, Bangalore and Hyderabad.

Dortse was on the board of directors of Jillian India Ltd and has now become the mastermind behind the whole racket of incorporating a large number of shell companies with Chinese ties in India and supplying shell directors to their boards of directors. administration, police said.

Police recovered boxes filled with corporate seals and digital signatures of bogus directors during the raids.

Investigators said the investigation so far revealed that the racketeering was primarily aimed at those who had low financial literacy and were unaware of the prospects of identity and data theft during their digital transactions.

READ | Investigation into loan collectors takes cops to Delhi, China and Kerala

Jasvir Singh, a police station officer at Cyber ​​West Police Station, said they broke up the gang in coordination with other cybercrime units in the city. He said the suspects used to extort money from people in the name of granting a small loan through China-based/funded loan applications. “All the victims who were tricked did not verify the credentials of the company and why it was not listed on playstore. It is very important to verify the review of any app listed on social media before doing any transactions with her,” he said.

Police say the suspects set up an illegal call center to call victims and extort money from them, threatening to reveal their responsibilities to friends, family and colleagues – all the usual traps of a fraud typical mobile phone application loan. This is one of many scams and illegal call centers that Gurugram Police have busted in the recent past.

In March, 38 people were arrested in Udyog Vihar after police received more than 50 complaints against them.

In April, the Reserve Bank of India (RBI) task force found 600 illegal loan applications, 27 of which were banned. With the rise in digital fraud cases, the central bank is reviewing know-your-customer (KYC) standards to identify shortcomings and close gaps. In 2020, about 60.2% of recorded cybercrime cases were related to fraud, or 30,142 cases out of 50,035, according to the latest data from the National Crime Records Bureau (NCRB).

Police said the four suspects were arrested under sections 384 (extortion), 420 (cheating), 120 B (conspiracy) and 465 (false) of the Indian Penal Code and sections 66, 66B, 67 and 67A of information technology law. The case was registered at Cyber ​​East Police Station and an investigation was ongoing to track the scam’s links to other such operations across India.

The Indian employees were in contact with their Chinese counterparts through a Chinese instant messaging application and acted on their behalf to extort money from the victims.

A senior police officer from Gurugram said investigations so far have revealed the possible involvement of these front companies in serious financial crimes detrimental to the financial security of the country.

Four of those arrested suspects are shareholders, fictitious directors and executives of the company. They used to make dummy administrators to register a business and under the shadow of a business they ran call centers to extort money from people by harassing them.

According to the complaint, the modus operandi of the said directors is that they facilitate the assistance of directors of foreign nationals to incorporate companies in India. For this, they collude and partner with the Indian directors to open the company on behalf of the foreign directors. The submitted company provides all the logistics for the opening of the company, including the certification of documents required for filing by the company. Apart from the incorporation of the company, he also appoints the directors of Indian origin and then takes their resignation by appointing the directors of foreign nationals who are ultimately the sole beneficiaries of the channeling of the money which is done with the help of Indian accountants and administrators.

“Indian Administrators are paid a certain sum for holding the position of Administrator and therefore Indian Administrators so appointed are fictitious administrators. The submitted documents being uploaded by this company and these administrators were either wrong or forged or based on the forged address. During the search, hundreds of seals and stamps of businesses and customers were found. Employees found in the office have admitted in their statements that the duo directors are the sole decision-makers and are actively involved in soliciting these agreements for the formation of shell companies and the recruitment of unsuspecting individuals as shell directors,” a Singh said.


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Sitharaman Discusses Measures to Ban Illegal Loan Apps, Strict Measures Will Be Implemented https://kenkepelicula.com/sitharaman-discusses-measures-to-ban-illegal-loan-apps-strict-measures-will-be-implemented/ Fri, 09 Sep 2022 12:26:48 +0000 https://kenkepelicula.com/sitharaman-discusses-measures-to-ban-illegal-loan-apps-strict-measures-will-be-implemented/ New Delhi, Sep 09 (PTI) Finance Minister Nirmala Sitharaman discussed various issues related to loan apps operating illegally without registration. It also decided to implement several measures to verify these apps amid rising cases of digital fraud. Most digital lending apps are not registered with the central bank and operate on their own. Suicides among […]]]>
New Delhi, Sep 09 (PTI) Finance Minister Nirmala Sitharaman discussed various issues related to loan apps operating illegally without registration. It also decided to implement several measures to verify these apps amid rising cases of digital fraud.

Most digital lending apps are not registered with the central bank and operate on their own. Suicides among borrowers are also on the rise due to alleged harassment by some digital lending app operators.

In a meeting chaired by the Minister of Finance on Thursday, it was decided that the RBI would prepare a list of all legal applications. In addition, the Ministry of Electronics and Information Technology (MeitY) will ensure that only these are “hosted” on the App Store.

RBI will monitor these accounts which may be used for money laundering. In addition, dormant NBFCs (non-bank financial companies) will be scrutinized for abuse.

The central bank will also ensure that the registration of payment ‘aggregators’ is completed within a specified period and no unregistered payment ‘aggregators’ will be allowed to operate after that, the finance ministry said in a statement on Friday. .

To control the proliferation of these apps, the Ministry of Corporate Affairs (MCA) will identify front companies and deregister them to prevent their misuse.

In addition, steps will be taken to increase cyber awareness among customers, bank employees, law enforcement and others affected by these applications.

During the meeting, Sitharaman expressed concern over the rise in cases of illegal loan apps offering loans with high interest rates and hidden fees, especially to vulnerable and low-income groups.

Several senior officials including the Finance Secretary, Economic Affairs Secretary, Revenue Secretary, MeitY Secretary and RBI Deputy Governor attended the meeting.

Source: navbharattimes.indiatimes.com

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Couple die by suicide due to harassment by loan application officers in Andhra Pradesh https://kenkepelicula.com/couple-die-by-suicide-due-to-harassment-by-loan-application-officers-in-andhra-pradesh/ Fri, 09 Sep 2022 06:12:09 +0000 https://kenkepelicula.com/couple-die-by-suicide-due-to-harassment-by-loan-application-officers-in-andhra-pradesh/ A couple from Andhra Pardesh committed suicide due to harassment by officers of a loan application. Subsequently, the state’s chief minister, YS Jagan Moah Reddy, ordered officials to take strict action against online money lending apps for harassing and blackmailing users. According to a report by ANI news agency, the couple Durgarao and Ramya Lakshmi […]]]>

A couple from Andhra Pardesh committed suicide due to harassment by officers of a loan application. Subsequently, the state’s chief minister, YS Jagan Moah Reddy, ordered officials to take strict action against online money lending apps for harassing and blackmailing users.

According to a report by ANI news agency, the couple Durgarao and Ramya Lakshmi had taken out loans from different loan apps. As they could not repay the amount, the loan officers started threatening them saying they would share their inappropriate photos on social media.

The Chief Minister has ordered East Godavari District Collector Madhavi Latha to hand over the financial aid from 5 lakhs each to the children of the victim.

Last month, search engine giant Google informed that it had removed more than 2,000 loan applications from the Play Store in India since January this year for breach of terms, misrepresentation of information and questionable offline behavior.

The tech giant also plans to tighten its policies in the coming weeks for greater controls in this space, a senior official said.

The lending apps problem has “peaked” and may be easing given the attention and attention the issue is receiving, said Saikat Mitra, senior director and head of trust and safety, Google APAC (Asia-Pacific region).

“We are in the process of making further policy changes which will be released in a few weeks…which will make the requirements more explicit…” he said, adding that the proposed decision will lead to controls tighter.

The nature of the “lending apps” problem varies from market to market, Mitra said and added that in India it is a combination of misrepresentation, non-compliance with policies and regulations, and inappropriate off-line or “real-world” behavior of these applications during recovery and other actions.

“It involves questions such as… does the loan app prominently disclose what people are signing up for, rates for example… are you tied to a bank or an approved NBFC… This bank is she on the RBI blacklist…that also goes into offline stuff that we don’t have visibility for but we get input from law enforcement,” he explained.

On the issue of new government regulations and policies, Mitra said “as regulations come in, we are working closely with government and industry.”

“We think we’re all trying to achieve the same goals…which are privacy and security. We think our policies should really help us get there. As regulation comes in, we have a dialogue and we make sure to present our point of view,” he said.

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Paytm says no ties to Chinese loan merchants under ED scanner, Marketing & Advertising News, ET BrandEquity https://kenkepelicula.com/paytm-says-no-ties-to-chinese-loan-merchants-under-ed-scanner-marketing-advertising-news-et-brandequity/ Mon, 05 Sep 2022 03:30:00 +0000 https://kenkepelicula.com/paytm-says-no-ties-to-chinese-loan-merchants-under-ed-scanner-marketing-advertising-news-et-brandequity/ Representative image (iStock) Digital financial services company One97 Communications, which operates under the Paytm brand, on Sunday denied any links to merchants who are under the Enforcement Branch’s scanner in the Chinese loan app case. . Paytm said none of the funds frozen by the Enforcement Department (ED) belong to it or any of its […]]]>
Representative image (iStock)

Digital financial services company One97 Communications, which operates under the Paytm brand, on Sunday denied any links to merchants who are under the Enforcement Branch’s scanner in the Chinese loan app case. . Paytm said none of the funds frozen by the Enforcement Department (ED) belong to it or any of its group companies.

“As part of ongoing investigations of a specific set of merchants, ED has sought information about those merchants to whom we provide payment processing solutions. We wish to clarify that these merchants are independent entities, and that none of them are an entity of our group,” Paytm said in a regulatory filing.

ED said on Saturday it had carried out raids on six premises of online payment gateways, such as Razorpay, Paytm and Cashfree in Bangalore, over alleged irregularities in app-based instant lending ‘monitored’ by Chinese people.

The search that began on Friday as part of an ongoing investigation is still ongoing, the agency said.

The Federal Investigative Agency also said that during the raids, it seized funds worth Rs 17 crore kept in “trader IDs and bank accounts of these entities controlled by Chinese persons”.

“It may be noted that the ED has asked us to freeze certain Merchant Identifier (MID) amounts of a specific set of Merchant Entities (as mentioned by the ED in its press release). It may further be noted that none of the funds ordered to be frozen belong to Paytm or any of our group companies,” Paytm said.

The ED has launched an investigation under the criminal sections of the Prevention of Money Laundering Act (PMLA) after a number of cases of gullible debtors ending their lives emerged in various states, police stating that they were coerced and harassed by them. lending application (app) companies by posting their personal data available on their phones and adopting heavy-handed ways to threaten them.

It has been alleged that the companies obtained all of the loan taker’s personal data when downloading these apps to their phones, even though their interest rates were “usurious”.

The agency had said the alleged proceeds of crime in the case were routed through these payment gateways.

Speaking about the case in question, the ED said the “modus operandi” of these entities was that they used false documents of Indians and turned them into bogus directors leading to the generation of “proceeds of crime”.

“These entities are controlled/operated by Chinese people.”

“The said entities were noticed doing their suspicious/illegal activities through various merchant IDs/accounts held with payment gateways/banks,” the ED had said.

Paytm said it is cooperating fully with the authorities and that all actions of the directive are being duly complied with.

The searches were launched on Friday in six premises in the capital of Karnataka. The search operation is in progress, indicated the Direction of the execution.

“Both Zomato Pay and Swiggy Diner operate on the same build basically – no fees/subscription fees for the customer to participate; restaurants are required to offer a discount in the range of 15-40% to be part of the program “, NRAI writes to its members.

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Paytm says there is no connection to merchants in the case of the loan application https://kenkepelicula.com/paytm-says-there-is-no-connection-to-merchants-in-the-case-of-the-loan-application/ Sun, 04 Sep 2022 16:42:00 +0000 https://kenkepelicula.com/paytm-says-there-is-no-connection-to-merchants-in-the-case-of-the-loan-application/ Following searches by the Enforcement Directorate (ED) of locations related to Paytm payment services, the company said on Sunday that the merchants under surveillance are not Paytm entities and that the funds seized do not belong not to society. ED said on Saturday it carried out searches as part of an investigation into the Chinese […]]]>

Following searches by the Enforcement Directorate (ED) of locations related to Paytm payment services, the company said on Sunday that the merchants under surveillance are not Paytm entities and that the funds seized do not belong not to society.

ED said on Saturday it carried out searches as part of an investigation into the Chinese micro-loan app case at six premises in Bangalore, including those of Razorpay Pvt, Cashfree Payments and Paytm Payment Services.

“As part of ongoing investigations of a specific set of merchants, ED has sought information on those merchants to whom we provide payment processing solutions. It is hereby clarified that these merchants are independent entities and that ‘none of them is an entity of our group,’ Paytm said in a statement to BSE (formerly Bombay Stock Exchange).

He added that he would continue to cooperate fully with the authorities and that all actions of the directive were duly respected.

“It should be noted that the ED has asked us to freeze certain Merchant Identifier (MID) amounts of a specific set of Merchant Entities (as mentioned by the ED in its press release). Note that none of the funds ordered to be frozen belong to Paytm or any of our group companies,” he added.

The case concerns the alleged extortion and harassment of those who took out small loans through the mobile apps operated by people based in China.

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