Country Bapp to give low interest loan through mobile app! ED confiscates billions of rupees from Chinese companies

 WEBMULTICHANNEL: The ED seized about Rs 6 crore from the Chinese company on charges of illegal transactions. It is learned that low-interest loans were given through various mobile apps. According to the ED, Chinese nationals used to give these loans illegally. It is learned that the investigation was started on the basis of two FIRs in Bangalore.

According to the ED, the accused had set up several agencies. Through these companies, they used to lend and invest money in mobile apps. This work was started at the time of Covid (COVID-19) Extreme, the ED said. A few Chinese nationals started this work with the help of several Indian chartered accountants. These Chinese companies have also used KYC (No Your Customer) documents submitted in various cases, ED officials suspect.

Indians are encouraged to buy various profitable shares. Many people buy shares by agreeing to the tempting offer. Important information is required to buy these shares. Personal information goes into the hands of these bogus companies. Ordinary people fall into the trap of taking low interest loans. It is also learned that different people are appointed to higher positions in the companies. Many people submit their confidential information in the hope of getting a job.

According to ED sources, these fintech companies operate from China. Even the money to run the companies came from China. These companies used to give loans especially to young men and women. One of the activities of these companies was to attract those who are in financial difficulties.

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