The Income Tax Department carried out search and seizure operations of a Fintech company providing instant short-term personal loans through Mobile App. The searches were conducted on the business and residential premises in Delhi and Gurugram. During the search, it was revealed that the company has been allegedly charging a very high processing fee at the time of disbursement of loans. This results in an effective higher burden of compensation on the borrowers.  <br />'' <br />''AIR correspondent reports, the company is held by a group based in Cayman Island ultimately controlled by an individual of a neighboring country. The company has brought in India nominal initial capital by way of Foreign Direct Investment (FDI) but took substantial working capital loans from Indian banks. The business model of the company resulted in a high rotation of capital to the tune of 10,000 crore rupees in its first year of operation. It was noticed that repatriation of about  500 crore rupees has been made by it its overseas group companies under the pretext of buying of services in two years.  Further investigations are in progress.<br />