New Delhi, November 17

The Revenue Tax Division as we speak carried out search and seizure operations in Delhi and Haryana within the case of a fintech firm offering on the spot short-term private loans via a cell software.

The searches have been carried out on the enterprise and residential premises in Delhi and Gurugram.

Through the search, it was revealed that the corporate had been allegedly charging a excessive processing payment on the time of disbursement of loans.

“The corporate is held by a bunch primarily based within the Cayman Islands. The corporate has introduced in India nominal preliminary capital by the way in which of FDI, however took substantial working capital loans from Indian banks. The enterprise mannequin of the corporate ends in excessive rotation of capital which is evidenced by turnover of Rs 10,000 crore in its first 12 months of operation,” the Finance Ministry stated.

The I-T sleuths famous {that a} repatriation of about Rs 500 crore had been made by the corporate to its abroad arms beneath the pretext of shopping for of companies in two years.

“Proof gathered through the search has revealed that such remittances made to the group firms are both extremely inflated or non-genuine. Proof additionally point out that inner web-based software for lending enterprise was managed from outdoors India. Statements of international nationals have been recorded,” the ministry stated. — TNS

Supply hyperlink