Chinese loan-app scam faces Indian scrutiny over money-laundering concerns
By Freny Patel ( August 5, 2022, 00:34 GMT | Insight) -- 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 said it had provisionally taken control of $13.25 million held by 12 non-banking finance companies, including Inditrade Fincorp, Aglow Fintrade and associated Chinese fintech businesses. The enforcer has labeled the payment gateways’ profits as “proceeds of crime.”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....
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