Chinese loan apps: ED freezes fresh Rs 9.82 cr worth funds kept in payment gateway accounts


PTI, Sep 29, 2022, 1:53 PM IST

Image credit: PTI

New Delhi: The ED has frozen Rs 9.82 crore worth funds kept in merchant IDs with certain online payment gateways as part of an ongoing money laundering investigation against a “Chinese-controlled” investment token app.

This is the second time that the ED has frozen funds kept in merchant IDs with certain online payment gateways.

“Various Chinese-controlled entities like Comein Network Technology Private Limited and others, in service agreements with various NBFCs (non banking financial companies) were also operating multiple suspicious loan/other apps such as Cashhome, Cashmart, Easyloan etc. and they indulge in receiving funds from public on pretext of operating these apps (mobile applications),” the federal agency said in a statement. The app-based token under investigation in this case is HPZ and the entities whose funds have been frozen under the anti-money laundering law include Comein Network Technology Private Ltd, Mobicred Technology Private Ltd, Magic Data Technology Private Ltd, Baitu Technology Private Ltd, Aliyeye Network Technology India Pvt Ltd, Wecash Technology Private Ltd, Larting Private Ltd, Magic Bird Technology Private Ltd and Acepearl Services Private Ltd.

“Account balances worth Rs 9.82 crore of various Chinese-controlled entities maintained with payment gateways, in respect of an investigation relating to the misuse of app-based token named HPZ and other similar applications by several entities, have been frozen,” the ED said.

The Enforcement Directorate had earlier this month undertaken a similar operation and frozen funds worth Rs 46.67 crore. These funds were stated by the agency to be belonging to certain merchant entities and held in payment gateways like Easebuzz, Razorpay, Cashfree and Paytm.

These companies had said that the funds did not belong to them and they were extending full cooperation to the ED in this investigation. HPZ was an app-based token which promised users of large gains against investment by declaring the same as “investing in mining machines for Bitcoin and other cryptocurrencies”. “The modus-operandi of the fraudsters was to first lure the victims to invest in their companies on the pretext of doubling /multiplying their investment through the HPZ token and other similar applications,” the agency said.

The money laundering case stems from an October, 2021 FIR filed against the accused company and its linked persons by the cyber crime unit of the Kohima Police in Nagaland.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Will appear before Lokayukta for questioning in MUDA case, says CM Siddaramaiah

Lies have short life, Cong’s ‘fake’ narrative smashed: Fadnavis

Temple idols found desecrated in Hyderabad, case registered

SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput

JPC chairman Jagdambika Pal to visit K’taka on Nov 7 to meet farmers protesting Waqf notices

Indian boxer Mandeep Jangra wins WBF’s world title

Related Articles More

Heroin worth Rs 3.5 crore recovered in police raid in Delhi, 2 arrested

Treated Muslims like fuel for ‘lantern’: Prashant Kishor targets Lalu, asks upper castes to stay away from Nitish

Wayanad Bypoll: Politics in country, Kerala not genuinely working for people, says Priyanka Gandhi

Malegaon blast trial: Court issues bailable warrant against Pragya Thakur

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Davanagere: Man murdered by relative for insurance money; 4 arrested within 24 hours

Heroin worth Rs 3.5 crore recovered in police raid in Delhi, 2 arrested

Govt clerk found dead in Tahsildar’s chamber, FIR filed against minister’s PA, 2 others

Treated Muslims like fuel for ‘lantern’: Prashant Kishor targets Lalu, asks upper castes to stay away from Nitish

MP Brijesh Chowta urges Kerala CM for strict action against attack on Edneer Swamiji’s vehicle

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.