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The Income Tax Department carried out search and seizure operations on 09.11.2021 in the case of a Fintech company providing instant short term personal loan through Mobile App. The searches were conducted on the business and residential premises in Delhi and Gurugram. During the search, it was r
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FAQ :
The Income Tax Department conducted search and seizure operations on 09.11.2021.
A Fintech company providing instant short-term personal loans through a mobile app was searched.
Searches were conducted on the business and residential premises of the company in Delhi and Gurugram.
The company is alleged to have been charging very high processing fees, resulting in a higher burden on borrowers.
The company is held by a group based in the Cayman Islands and is ultimately controlled by an individual from a neighbouring country.
Evidence gathered suggests that remittances of about Rs. 500 crore made to overseas group companies for services were either highly inflated or non-genuine.
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