💨 Abstract
The Enforcement Directorate in India has arrested two Chinese nationals for operating illegal digital loan apps during the COVID-19 pandemic. The apps reportedly charged exploitative interest rates, used the WazirX crypto currency platform to route funds, and coerced borrowers to take fresh loans to repay previous ones. The ED also found that the apps collected personal information, KYC documents, and contact lists from victims.
Courtesy: theprint.in
Summarized by Einstein Beta 🤖
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