HYDERABAD: The Enforcement Directorate (ED) on Thursday opposed a bail petition filed by Pavitra Pradeep Walvekar, the promoter, director and CEO of a non-banking finance company ‘Kudos’ with the Telangana High Court.
The ED, in December 2021, had arrested him in connection with its investigation into alleged money laundering by mobile phone app-based loan companies that were “flush with investments” from China and Hong Kong.
The ED alleged that the NBFCs opened separate merchant IDs with payment gateways, such as Paytm, Razorpay, and allowed these companies to start full-scale online lending operations, against RBI guidelines. After hearing the arguments, Justice Kanneganti Lalitha adjourned the plea to January 24.