Bengaluru: The Enforcement Directorate (ED) on Friday October 21 said it has recently carried out search operations at five places in Bengaluru, in connection with its investigation related to the Chinese loan app case.
An official said that the case is based on 18 FIRs registered by Cyber Crime Police Station, Bengaluru City against numerous entities and persons in connection with their involvement in extortion and harassment of the public who had availed small amounts of loans through the mobile apps being run by these entities.
During the investigation, it has emerged that these entities are controlled by Chinese nationals.
The modus operandi of these entities is using forged documents of Indians and making these them dummy directors of those entities and generating proceeds of crime.
It has come to notice that the said entities were doing their illegal business through various merchant IDs held with payment gateways and banks.
Based on the investigation conducted and inputs received from the Central Crime Branch, Bengaluru city, the search operation was carried out in this case.
The premises of Razorpay Pvt. Ltd. and the banks’ compliance offices related to these entities were covered in the search operation.
During the search operation, it was noticed that the said entities were generating proceeds of crime through various merchant IDs held with payment gateways and they have submitted fake addresses in KYC documents.
“An amount of Rs. 78 Crore has been seized under section 17(1) in merchant IDs and bank accounts of these Chinese persons-controlled entities. Total seizure, in this case, now stands is Rs 95 crore,” the official said.
