<h1>Income Tax Department Raids Fintech Firm for Dubious Transactions and High Fees; Links to Cayman Islands Group Uncovered.</h1> The Income Tax Department conducted search and seizure operations on November 9, 2021, targeting a fintech company offering short-term personal loans via a mobile app. The searches took place in Delhi and Gurugram, revealing the company charged high processing fees, increasing borrower costs. Controlled by a Cayman Islands-based group linked to a neighboring country, the company introduced minimal capital through FDI but secured substantial loans from Indian banks, achieving a Rs. 10,000 crore turnover in its first year. Approximately Rs. 500 crore was repatriated to overseas affiliates under dubious service purchases. Evidence suggests inflated or non-genuine remittances, with further investigations ongoing.