Financial Crime Financial Crime

Chinese loan-app scam faces Indian scrutiny over money-laundering concerns

By Freny Patel
  • 05 Aug 2022 01:34
  • 05 Aug 2022 01:34
A scam Chinese app that allegedly disguised money laundering through non-banking finance companies as the disbursement of personal micro-loans has been targeted by India’s financial-crime agency.

In an announcement on Tuesday, the Directorate of Enforcement, or ED, said it had provisionally taken control of 1.05 billion rupees ($13.25 million) held in various accounts

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