<p>A special court has taken cognisance of a prosecution complaint filed by the Enforcement Directorate (ED) against seven entities and five individuals involved in the Chinese loan app case.</p>.<p>The ED had filed a prosecution complaint based on an investigation pursuant to various FIRs registered by the Criminal Investigation Department (CID).</p>.<p>The accused entities include three Fintech companies, namely Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited, controlled by Chinese nationals.</p>.<p><strong>Also Read |<a href="https://www.deccanherald.com/state/ed-attaches-rs-11419-crore-properties-in-sri-guru-raghavendra-sahakara-bank-niyamitha-scam-1204417.html" target="_blank"> ED attaches Rs 114.19 crore properties in Sri Guru Raghavendra Sahakara Bank Niyamitha scam</a></strong></p>.<p>The other entities are Non-Banking Financial Companies (NBFC) registered with the Reserve Bank of India (RBI), namely X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private Limited and a payment gateway namely Razorpay Software Private Limited.</p>.<p>The ED investigation revealed that the money lending business is being illegally run by the Fintech companies and the NBFCs knowingly let these Fintech companies use their names for the sake of getting commission without being watchful about the conduct of these Fintech companies.</p>.<p>The ED probe revealed that this practice is also in violation of the Fair Practices Code of RBI.</p>.<p>Earlier, the ED had issued two provisional attachment orders and attached Rs 77.25 crore in this case, which has been confirmed by the special court. </p>
<p>A special court has taken cognisance of a prosecution complaint filed by the Enforcement Directorate (ED) against seven entities and five individuals involved in the Chinese loan app case.</p>.<p>The ED had filed a prosecution complaint based on an investigation pursuant to various FIRs registered by the Criminal Investigation Department (CID).</p>.<p>The accused entities include three Fintech companies, namely Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited, controlled by Chinese nationals.</p>.<p><strong>Also Read |<a href="https://www.deccanherald.com/state/ed-attaches-rs-11419-crore-properties-in-sri-guru-raghavendra-sahakara-bank-niyamitha-scam-1204417.html" target="_blank"> ED attaches Rs 114.19 crore properties in Sri Guru Raghavendra Sahakara Bank Niyamitha scam</a></strong></p>.<p>The other entities are Non-Banking Financial Companies (NBFC) registered with the Reserve Bank of India (RBI), namely X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private Limited and a payment gateway namely Razorpay Software Private Limited.</p>.<p>The ED investigation revealed that the money lending business is being illegally run by the Fintech companies and the NBFCs knowingly let these Fintech companies use their names for the sake of getting commission without being watchful about the conduct of these Fintech companies.</p>.<p>The ED probe revealed that this practice is also in violation of the Fair Practices Code of RBI.</p>.<p>Earlier, the ED had issued two provisional attachment orders and attached Rs 77.25 crore in this case, which has been confirmed by the special court. </p>