New Delhi: A question was raised in Parliament as to what steps the central government has taken to prevent money laundering through illegal loan sharks.
Union Minister of State for Finance Bhagwat Karat gave a written reply to this, “Enforcement Department is taking serious action under the Prevention of Money Laundering Act. Illegal apps are detected and those who run them are investigated. So far, Rs 860 crore has been seized from illegal loan processing firms under investigation. Also, assets worth Rs.290 crore have been confiscated from these companies under the Foreign Exchange Management Act.
RBI has prepared a list of approved loan processors. Information has been sent to the relevant organizations that only the companies on that list should be allowed in the app stores and other apps should be removed,” he said.
Notably, the Union IT Ministry recently blocked 232 lending and gambling apps developed by foreign companies, including China.
