New Delhi :
The Enforcement Directorate (ED) on Friday said it has filed a chargesheet against payments app Razorpay, three fintech firms controlled by Chinese nationals, three NBFCs and others in connection with the money laundering probe linked to the Chinese loan app. It is alleged that the Chinese loan app has cheated many people.
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The federal probe agency said in a statement that the Special Prevention of Money Laundering Act (PMLA) court in Bengaluru has taken cognizance of the prosecution complaint (chargesheet). A total of seven entities and five persons have been made accused in the charge sheet.
The accused entities include three fintech companies Mad Elephant Network Technology Pvt Ltd, Baryonyx Technology Pvt Ltd and Cloud Atlas Future Technology Pvt Ltd which are ‘controlled’ by Chinese nationals.
Three Non-Banking Financial Companies (NBHCs) registered with the RBI namely X-10 Financial Services Pvt Ltd, Track Fin-Aid Pvt Ltd and Jamnadas Morarji Finance Pvt Ltd have also been named as accused.
The agency said that payment gateway Razorpay Software Limited has also been included in the charge sheet. The ED registered a money laundering case on the basis of several FIRs registered by the CID of the Bangalore Police.