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ED arrests NBFC CEO in probe against Chinese-backed loan apps

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Quick links: New Delhi, Dec 18 (PTI) The Enforcement Directorate (ED) on Saturday said it has arrested the CEO of a non-banking financial company (NBFC) in connection with a money laundering investigation against fintech firms "backed" by Chinese funds. Pavitra Pradip Walvekar, promoter, director and chief executive officer (CEO) of Kudos Finance and Investment Private Limited, an NBFC, was taken into custody on Friday. He was later produced before a special Prevention of Money Laundering Act (PMLA) court in Hyderabad that sent him to 15 days' judicial custody, the agency said in a statement. The action is linked to the…

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