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Loan app case: ED arrests 2 Chinese men in TN
The New Indian Express
|November 20, 2024
THE Enforcement Directorate (ED) on Tuesday stated that they have arrested two Chinese nationals - Xiao Ya Mao and Wu Yuanlun - on November 13 from Tiruchy, under the provisions of the Prevention of Money Laundering Act (PMLA), in a case booked against digital loan apps operated by Chinese nationals that indulge in disbursing short-term, high-interest instant loans through various mobile applications. The Sessions Court in Chennai remanded them to judicial custody till November 29, the central agency said.
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ED had initiated a probe based on FIRs filed on complaints regarding loan apps that charge exorbitant rates of interest, processing fees (20 %30 % of amount), and threaten borrowers who fail to repay The probe revealed that the Chinese nationals had formed two companies - Toucolor Technologies Private Limited and Truekindle Technology Private Limited - in 2020. They had also forced two employees to become dummy directors, while they ran the entire operation from the background.
Dit verhaal komt uit de November 20, 2024-editie van The New Indian Express.
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