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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.
Cette histoire est tirée de l'édition November 20, 2024 de The New Indian Express.
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