I-T searches against Fintech firm
The Hindu
Company provides short-term personal loans via mobile app
The Income-Tax Department has conducted searches against a Fintech company, which provides instant short-term personal loan through its mobile application, in Delhi and Gurugram.
During the operation, it was found that the company had been allegedly charging very high processing fee at the time of disbursing loans. “This results in effectively higher burden of compensation on the borrowers. The said company is held by a group based in Cayman Islands, ultimately controlled by an individual of a neighbouring country,” said the I-T Department.
As it turned out, the internal web-based application used for the lending business was being controlled from outside India.
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