ED Screws On China-controlled NBFCs, Seized 131 Crore

ED screws on China-controlled NBFCs, seized 131 crore funds.

The Enforcement Directorate (ED) on Thursday said it has attached funds worth Rs 131 crore of a Chinese national-owned NBFC in violation of the Foreigners Regulation Act.

PC Financial Private Limited is a Non-Banking Financial Company (NBFC). It was involved in providing instant personal microloans through its mobile app CashBean.

The matter had come to the notice of the ED during its probe in a separate money laundering case.

ED was investigating the case against certain NBFCs and fintech companies involved in providing instant personal microloans through mobile apps.

ED screws on China-controlled NBFCs: This loan was being given at an exorbitant interest rate.

Loans were being recovered by abusing and abusing through call centers using the data of the consumers illegally.

Last year, information was received from many states about the illegality of this app.

There were reports of suicides by many people, especially after the poor economic situation due to the lockdown and due to threats and extortion from these dubious companies.

Under the Foreign Exchange Management Act (FEMA), the ED has attached funds worth Rs 131.11 crore deposited in various banks.

It had similarly attached corpus of Rs 106.93 crore of the same NBFC in August.

ED said, “Investigation found that foreign companies of PCFS brought in foreign direct investment of Rs 173 crore for the lending business.

Within a short time, Rs 429.29 crore was sent abroad in the name of payment for software services received from foreign companies.

India is on the radar of ransomware virus, computer, as well as the smartphone, is at risk

Ransomware is a type of cyber attack. This virus demands payment by completely controlling the user’s computer.

This virus can harm not only the computer but also the smartphone.

This virus downloads software that harms the computer or smartphone without your knowledge, through which it encrypts the user’s information.

In this way, the hacker has full access to the user’s data. Then the hacker threatens the user to block his data, extorting money from him.

In exchange for the data, the user is charged 0.3 to 1 bitcoin as a fee, which ranges from 400 euros to 1375 euros. Bitcoin is a type of virtual currency used in digital transactions.