Chinese loan app developer Walvekar released on bail in Telangana High Court – The New Indian Express

By Express press service

HYDERABAD: Telangana High Court Judge Kanneganti Lalitha on Wednesday granted conditional bail to Pavitra Pradeep Walvekar, the promoter, director and CEO of ‘Kudos’, in the Chinese loan apps case, on a personal surety of ‘ 20,000 and two similar sum sureties each.

Walvekar was also ordered to appear before relevant authorities every Friday between 10 a.m. and 1 p.m. He was also ordered to surrender his passport and not leave the country. Earlier, the ED objected to the bail saying that NBFCs had opened separate merchant IDs with payment gateways, allowing these companies to start large-scale lending operations against RBI guidelines. and charge exorbitant interest.

The ED also said that apps developed by these companies would also obtain customers’ mobile data when granting access privileges. The NBFC also resorted to harsh recovery measures via call centers and misused customers’ personal data to put pressure on them.

Unable to bear the embarrassment of calls made to friends and relatives and the abusive language used to shame them, some clients also took their own lives, the ED told the court.

Misuse of data
The NBFC also resorted to harsh recovery measures via call centers and misused customers’ personal data, the ED said.

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