Enforcement Directorate
Hyderabad: The Enforcement Directorate’s (ED) Hyderabad unit on Thursday raided an office reportedly belonging to a crypto currency exchange company.
The company has allegedly violated the rules under Foreign Exchange Management Act (FEMA), it has also been charged with money laundering by the ED. The company was earlier issued a show cause notice to the firm. Further details regarding the raid are awaited.
Ealier this week, the central agency attached assets worth Rs 105 crore of 12 Non-Banking Financial Companies and their associated fintech companies.
Based on the probe, the ED found that all the aforementioned companies were associated to micro-finance loans. A sum of Rs 4,430 crore was disbursed, most of which was funded by fintech companies that dealt with instant personal loans.
The NBFCs and the fintech firms amassed a profit of Rs 819 crore.
This post was last modified on August 5, 2022 12:53 pm