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

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Freny Patel

Correspondent


Freny has been covering antitrust law, M&A and regulations for over a decade, serving as Asia editor at Policy and Regulatory Report. Prior to joining as an editor at Mergermarket, she headed the banking bureau of a leading Indian financial daily, Business Standard. When India privatized the insurance sector, she had her own column in The Observer.

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