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The Enforcement Directorate (ED) executed search operations on December 21, 2023, across 19 locations in Delhi NCR, Chandigarh, Haryana, Punjab, and Gujarat. The investigation, conducted under the Prevention of Money Laundering Act (PMLA), 2002, targeted M/s Shinebay Technology India Private Limited (STIPL), Mpurse Services Private Limited (MSPL), and other entities owned and controlled by Chinese Nationals.
“During the raids, the ED seized cash amounting to Rs.1.30 Crore along with incriminating documents and digital records. The ongoing probe was initiated based on FIRs filed against several companies/persons in Bengaluru, Kazipet, and Jangaon under various sections of the IPC, 1860, and the IT Act, 2000. These FIRs accused companies of charging exorbitant interest rates on loans, harassing customers through threats and abuse, and unauthorized access to personal information”.
The ED’s investigation revealed a network of Fintech Companies, Non-Banking Financial Companies (NBFCs), and Payment Aggregators/Gateways owned and controlled by Chinese nationals. These entities provided online short-term instant loans through mobile apps, employing unethical practices such as exploitative interest rates, harassment, and unauthorized access to borrower data. The Chinese nationals orchestrated a complex web of financial entities in India with the assistance of professionals like Chartered Accountants, Lawyers, Company Secretaries, and Consultants.
Notably, this is not the first instance of ED action in this case. Earlier, on June 14, 2023, the ED conducted search operations at six locations, leading to the recovery and seizure/freezing of various incriminating documents, digital devices, and bank accounts/Fixed Deposits containing a balance of Rs.19.43 Crore. The latest raids underscore the ongoing efforts to unveil and curb the illicit financial activities orchestrated by Chinese nationals in India’s fintech sector.
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