- Home >> Features >> Technology
India launches probe against dubious China-backed fintech lending apps
- Monday | 25th January, 2021
India has ordered authorities to investigate over two dozen China-backed fintech lending apps and has asked cost gateways like Razorpay and Paytm to stop their dealings with these app-based companies. According to a report by the Economic Times, India’s Enforcement Directorate (ED) and Criminal Investigation Departments (CID) of various state police departments have launched probes against these Chinese fintech lenders. There is also an ongoing investigation by India’s ED to probe money laundering charges against Chinese fintech apps. They are currently investigating if these gateways did their due diligence before onboarding the lending apps. Bengaluru-based Razorpay, used by about 95% of lending apps as the gateway, said that it banned 300-400 suspicious app-based lenders in the previous few months.
If You Like This Story, Support NYOOOZ
Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.
