INVC NEWS
New Delhi : There are many Chinese apps which provide instant loans and trap innocent people. After this, huge amount of money is collected and in case of protest, they are threatened. Due to such threats, many people have been forced to commit suicide. Now the government started controlling them and the Ministry of Corporate Affairs started investigation against many Chinese firms including companies related to online loan distribution. Some of these investigations have reached advanced stages. A senior officer gave this information.
However, it is sometimes difficult to trace the financing sources of some companies but efforts are made to trace the beneficial ownership of the companies. In January, the Registrar of Companies of Delhi and Haryana region had imposed a total fine of more than Rs 21 lakh on an Indian company and its related individuals and entities. The move was part of a crackdown on a Chinese conglomerate to hide its lucrative ownership ties. The Finance Ministry informed the budget session of Parliament that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September, 2022 and August, 2023.
The senior official said the ministry is conducting investigations against various Chinese companies, especially those linked to loan apps, and some of these investigations are in the final stages. He said the ministry responsible for enforcing company laws is looking into whether any fraud has taken place in these companies. Some cases are being investigated by the Serious Fraud Investigation Office (SFIO). According to the official, investigation is also initiated against the concerned companies on the basis of complaints received from other units including the Reserve Bank and the Ministry of Electronics and Information Technology.
