The Enforcement Directorate (ED) has conducted raids on two companies, Shinebay Technology India Private Limited (STIPL) and Mpurse Services Private Limited (MSPL), which are allegedly connected to Chinese nationals involved in a money laundering scheme. The raids were conducted across 19 locations and targeted the companies, which are said to be “owned and controlled” by Chinese entities. The investigation revealed that these Chinese-owned fintech companies, along with non-banking financial entities and payment gateways, offered short-term loans with exorbitant interest rates through mobile apps. Borrowers faced harassment tactics, including unauthorized access to personal data and the imposition of exploitative fees. The investigation also uncovered the use of “dummy” directors and local subscribers to operate on behalf of Chinese entities within India.
The ED seized approximately Rs 1.30 crore in cash, along with incriminating documents and digital records during the raids. This follows earlier action in June, where the agency conducted searches at multiple locations and seized bank deposits and fixed assets valued at Rs 19.43 crore.
