HYDERABAD: Justice Kanneganti Lalitha of the Telangana High Court on Wednesday granted conditional bail to Pavitra Pradeep Walvekar, the promotor, director and CEO of ‘Kudos’, in the Chinese loan apps case, on personal bond of `20,000 and two sureties of a like sum each.
Walvekar was also directed to appear before the authorities concerned every Friday between 10 am and 1 pm . He was also directed to surrender his passport and not leave the country. Earlier, the ED opposed bail saying that NBFCs had opened separate merchant IDs with payment gateways, allowing such companies to start full-scale lending operations against RBI guidelines and charging exorbitant interest.
The ED also said that the apps developed by these companies would also obtain the mobile data of customers when they grant access privileges. The NBFC also resorted to harsh recovery measures via call centres, and misused the personal data of the customers to pressurise them.
Unable to bear the embarrassment due to calls made to their friends and relatives and abusive language being used to shame them, some customers also committed suicide, the ED told the court.
Misuse of data
The NBFC also resorted to harsh recovery measures via call centres, and misused the personal data of the customers, the ED said