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Enforcement Directorate arrests NBFC CEO in money laundering case

The Enforcement Directorate (ED) today said it has arrested the Chief Executive Officer (CEO) of a non-banking financial company (NBFC) under the Prevention of Money Laundering Act (PMLA) as part of its probe against fintech firms “backed” by Chinese funds. - File photo

New Delhi, December 18

The Enforcement Directorate (ED) today said it has arrested the Chief Executive Officer (CEO) of a non-banking financial company (NBFC) under the Prevention of Money Laundering Act (PMLA) as part of its probe against fintech firms “backed” by Chinese funds.

Officials in the ED said Pavitra Pradip Walvekar, promoter-director and CEO of Kudos Finance and Investment Private Limited, an NBFC, was taken into custody on Friday. — TNS

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