ED charge sheet against Razorpay, fintechs, NBFCs

The Enforcement Directorate said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people.

The federal probe agency said in a statement that the special Prevention of Money Laundering Act (PMLA) court based in Bengaluru has taken note of the prosecution complaint.

The accused entities include fintech companies Mad Elephant Network Technology, Baryonyx Technology and Cloud Atlas Future Technology which are “controlled” by the Chinese nationals and three NBFCs registered with RBI named X10 Financial Services Track Fin-ed and Jamnadas Morarjee Finance.