Friday, 24 March, 2023

ED's probe of fintech and NBFCs uncovers Rs 800 Cr of crime proceeds

<p>The ED is said to have discovered criminal proceeds totaling more than Rs 800 Cr in a protracted money laundering investigation involving 365 fintech companies and their NBFC partners. These fintech companies issued loans totaling over Rs 4,000 Cr, after which they attempted to recoup the money through telemarketers. Majority of the firms allegedly borrowed licenses from defunct NBFCs that had been granted by the RBI in exchange for profits ranging from 0.5% to 1%.</p>