ED conducts fresh searches against two companies

The Enforcement Directorate (ED) has conducted fresh searches against two companies and persons linked to them as part of a money laundering investigation against entities owned by Chinese nationals. According to the agency, the companies and the individuals are involved in lending money through mobile phone apps and later harassing borrowers by accessing their personal details. 

The federal agency said that the searches were undertaken on December 21 last year at 19 locations in Delhi-NCR, Chandigarh, Haryana, Punjab and Gujarat against Shinebay Technology India Private Limited (STIPL), Mpurse Services Private Limited (MSPL) and others which are owned and controlled by Chinese Nationals. During the search operations,



cash worth 1.30 crore rupees was recovered and seized. 

ED added that various incriminating documents and digital records were also recovered and seized. ED initiated an investigation on the basis of FIRs registered against several companies and persons in Bengaluru, Kazipet, and Jangaon under various sections of IPC, 1860 and IT Act, 2000 for charging very high and exploitative rate of interest on loans given and harassing the customers by way of threatening and abusing them over the phone and unauthorized access to their personal information and data and circulating morphed photographs of the borrowers as well as their family members to their contacts.