This Criminal Petition is filed under Section 482 of Code
of Criminal Procedure, 1973 (for short ‘Cr.P.C’) to quash the
proceedings against the petitioners/accused in
ECIR/HYZO/04/2021 dated 18.01.2021.
2. The brief facts of the case are that the above said ECIR
was registered in connection with alleged offences under the
Prevention of Money Laundering Act, 2002 (for short ‘PMLA’)
based on 43 FIRs filed across various Police Stations and
cybercrime divisions in Telangana under Sections 417, 419,
and 420 of the Indian Penal Code, 1860 which are scheduled
offences under the PMLA. The Directorate of Enforcement
contends that instant loan applications operated by various
entities, including the Petitioners, were charging exorbitant
interest rates and high processing fees without proper
authorization. Further, it is alleged that these apps were
involved in unauthorized lending activities and resorted to
harassment for loan recovery by misusing personal data of the
SKS,J
borrowers. It is further stated that the Enforcement
Directorate has proceeded against them based on conjectures
and assumptions, without specific allegations or legal basis,
thereby mischaracterizing their legitimate business activities
as criminal conduct.
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