ED tightens noose on Kudos Finance in money laundering case, seized assets worth Rs 72 crore

The Enforcement Directorate (ED) has attached assets worth over 72 crores of Kudos Finance and Investments Private Limited, an Indian non-banking financial company (Indian NBFC) and several fintech partner companies associated with it. Is.

The probe agency said that this action is related to the investigation against several Indian NBFC companies and their fintech partner mobile apps. Several FIRs were registered against them by the Telangana Police. This FIR was made in the case of illegally giving loans and then adopting illegal methods to recover it with high interest rate.

According to the ED, it has been found in the investigation that a large amount of investment was received from China Hong Kong in these many Indian companies. The agency said that the mobile apps of these companies used to give instant loans for a period of 7-14 days. While giving the loan amount, up to 15-25 per cent was deducted from the amount in the name of processing fee. Not only this, the companies’ apps also used to get the mobile data of the customers. For recovery of loans, they used to take strict measures through call centers.

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