TaxTMI 
TaxTMI 
TaxTMI 
2025 (5) TMI 1999
X X X X Extracts X X X X
X X X X Extracts X X X X
....023. Brief facts of the case: 2. It is a case where 5 FIRs were registered for the offence under Section 417, 419, 420 of Indian Penal Code, 1860 and under Section 66-C and 66-D of Information Technology Act. It was alleged that the accused Parshuram Lahu Takve, Liang Tian Tian W/o Parshuram Lahu Takve, a Chinese national and Shaik Aaqib were arrested on 26.12.2020 at the call centre office of Jiya Liang Infotech Pvt. Ltd., Pune. The company was providing tele-caller services for the recovery of the loan amount dues. 3. The three companies were doing online instant loan lending business through various applications and sanctioning the personal unsecured loans through digital applications to the borrowers. After one week of sanctioning th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e borrowers by misusing their personal data to compel them to repay the outstanding loan amount. In this way, total proceeds of crime of Rs. 10,52,88,90,228 were generated by M/s Krazybee Services Pvt. Ltd. and its Fintech associate companies. 5. The allegation against the Company referred to above was of cheating and causing harassment and commission of offence for recovery of amount from the borrowers. The allegation against the appellant is for becoming part and assisting accused company for extending loan and for recovery of the amount from the borrowers for which serious allegations were made in reference to the process adopted for recovery and the offence committed under IPC. Arguments of the Ld. Counsel for the appellant: 6. Ld. C....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e appellant. It was submitted that the appellant was providing assistance for borrowing and recovery of the borrowed amount and thus it is incorrect to state that the appellant company was not in any manner connected with the main accused for borrowings or recovery of the borrowed amount. Serious allegation exists against the main accused and others for commission of the offence under Section 420 IPC and in the process of recovery of the amount. The accused was not only using abusive language but was causing harassment after getting the personal data of the borrowers. They were sending legal notice to relatives and friends to cause mental torture and otherwise to blackmail them. 10. The appellant in his statement under section 50 of the Ac....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on was made regarding commission of crime in effecting recoveries of the borrowed funds. It not only engaged 650 employees but asked those employees to use their mobile phones to call the borrowers where it is alleged that abusive languages were used apart from threatening them on the telephone followed by letters/notices to the relatives and friends to blackmail them. The number of FIRs have been lodged against the main accused. 13. The Ld. Counsel for the appellant submitted that there is no evidence to show that appellant was in any manner connected in the process of recovery of borrowed amount or involved in the process of loan. He was assisting the main accused only for their endeavours which was not illegal and therefore there was no....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he applicant were also able to complete the loan agreement in digital form on Mi Credit App itself. The Company was not a party to the loan agreement. After the execution of the loan agreement, Krazybee would disburse the loan amount directly into the borrower's bank account. In terms of the agreement with Krazybee, the Company also provided assistance in the recovery of loans. For this purpose, the Company entered into a Service Agreement with Krazybees affiliate, Finnovation attached at Annexure K (the signed copy is not currently traceable, the version that Company believes is final is attached- we will separately send a signed version once we are able to trace it). Finnovation was required to provide assistance with recovery as per ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....was made for a sum of Rs. 37,13,588. The subsequent part of the statement of the appellant Ex-Director further shows that while company was not providing instant personal loans but had received fee for services provided to different NBFC and accordingly Rs. 35 to 40 crores was received since 2018 to May, 2022. It is, further, stated that the amount collected from different lenders / partners / intermediaries and others would be furnished within a week but thereafter the Ex-Director of the appellant company did not produce any document to fortify the amount received from the NBFC's. The fact further remains that the appellant was involved and provided assistance to the main accused for attracting the borrowers and after evaluation to make re....