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High Court grants bail to Kudos Finance CEO

He has to appear before the authorities between 10 am and 1 pm every Friday

Hyderabad: Justice Kanneganti Lalitha Kumar of Telangana High Court granted conditional bail to Pavitra Pradip Walvekar, CEO and director of Kudos Finance and Investments private company, which is the gateway to fintech companies lending money through loan apps.

He has been asked to execute a personal bond for Rs 20,000 with two sureties of an equal sum each to the satisfaction of the metropolitan sessions judge in Nampally. He has to appear before the authorities between 10 am and 1 pm every Friday. Walvekar has been barred from foreign travel.

Kudos NBFC 'purportedly' engages fintech (digital lending partners) companies as service providers to assist in identifying prospective customers, verifying their eligibility, collection of information and recovery of principal and interest.

Around 43 FIRs have been registered by various police stations against individuals and call centres involved in instant personal loans.

Walvekar was arrested on December 17 last year under the provisions of Prevention of Money Laundering Act. He filed a bail petition before the High Court.

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