22 August 2024

The Directorate of Enforcement (ED) in Hyderabad has provisionally seized assets valued at ?19.39 Crore, including bank balances and fixed deposits, from entities involved in fraudulent instant loan applications. This action is part of an investigation stemming from 118 FIRs filed by Telangana Police against 242 such loan apps. These apps were found to charge exorbitant fees and interest rates, operate without proper licenses, and misuse borrowers' personal data. Misuse included harassment and extortion to recover loans and creating debt traps by encouraging borrowers to take further loans. 

Key entities implicated include M/s Nimisha Finance India Private Limited and M/s Skyline Innovation Technology (India) Private Limited. M/s Skyline, linked with Chinese directors, transferred ?20 Crore to Rajkot Investment Trust Limited (RITL), which subsequently concealed and layered these funds through related accounts and cash withdrawals. The ED's investigation has led to the attachment of these funds held by various entities, including M/s Nimisha Finance India Private Limited and M/s Rajkot Investment Trust Limited.