ED uncovers proceeds of crime worth INR 800 Cr in loan apps money laundering probe
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Image Credit: ANI
In a money laundering probe into 365 loan apps and their NBFCs partners, the ED has allegedly found more than INR 800 Cr as proceeds of crime. According to an ET report, the investigation revealed that more than INR 4,000 Cr were disbursed by these fintech companies as loans. More than INR 700 Cr were recovered by these loan apps as ‘processing fees’, while around INR 85 Cr were collected as interest and penalties.
