Synopsis
Profits made through Chinese loan apps and unscrupulous foreign betting-and-gambling sites are often moved to other countries under the pretext of payments for travel, education, and purchase of digital goods. Indeed, financial technology has expanded the scope and reach of modern financial crimes. But can India do something to put a stop to it?
Three months ago, a private-sector bank in India inked a partnership with a local payment gateway, which had a merchant based outside the country to sell downloadable software to customers in India. The bank did due diligence on the antecedents of the end-merchant and found it to be a genuine company with multiple businesses including selling software. One banker from the diligence team was still curious and wanted to dig deeper. He bought the
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