BENGALURU: The Directorate of Enforcement (ED) has filed a prosecution complaint (PC) against seven entities and five individuals involved in the Chinese loan app case, before the Special Prevention of Money Laundering Act (PMLA) court, Bengaluru. The court has taken cognizance of the PC, the ED stated in an official release on Friday.
“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 NBFCs registered with the Reserve Bank of India (RBI) — X10 Financial Services Pvt Ltd, Track Fin-ed Pvt Ltd and Jamnadas Morarjee Finance Pvt Ltd — and one payment gateway — Razorpay Software Pvt Ltd.
Earlier, the ED had issued two provisional attachment orders and attached Rs 77.25 crore lying in bank accounts and payment gateways in this case, and the same has been confirmed,” the central agency added.
The ED had initiated an investigation based on various FIRs registered by the Criminal Investigation Department (CID), Bengaluru, based on complaints received from various customers who had availed loans and faced harassment from recovery agents of the money lending companies. The investigation is in progress.