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Centre’s Probe Against Chinese Entities Linked To Loan Apps In Final Stages

Inc42 · 1y ago

Centre’s Probe Against Chinese Entities Linked To Loan Apps In Final Stages

The Ministry of Corporate Affairs in India is conducting investigations into Chinese loan apps for alleged violations. Some cases are being probed by the Serious Fraud Investigation Office. The government aims to crack down on the operations of illegal Chinese loan apps by cancelling registration and freezing accounts if fraud is found. This investigation follows the Enforcement Directorate's search of office premises linked to Chinese entities involved in unauthorized lending apps. Despite concerns about predatory lending practices, these illegal entities continue to operate in India's digital lending space.

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Corporate affairs ministry probing Chinese companies linked to loan apps; investigations at advanced stages

Economic Times

Economic Times · 1y ago

Corporate affairs ministry probing Chinese companies linked to loan apps; investigations at advanced stages

The Indian corporate affairs ministry is investigating several Chinese companies, particularly those connected to loan apps, for potential violations. Some of these investigations are at an advanced stage, according to an official. The ministry is focused on uncovering potential fraud and is cooperating with entities like the Serious Fraud Investigation Office (SFIO) to look into these cases. The ministry receives complaints from various entities, including the Reserve Bank of India (RBI) and the Ministry of Electronics and Information Technology (MeitY), prompting them to initiate probes. Efforts are being made to trace funding sources and determine beneficial ownership. In recent months, Indian authorities have been cracking down on illegal loan app operations and taking action against companies and individuals involved.

Google removes over 2,200 fake loan apps from play store: MoS Finance

Inc42 · 1y ago

Google removes over 2,200 fake loan apps from play store: MoS Finance

Google has removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023, as part of the government's efforts to combat fake loan apps and protect consumers from financial scams. The government has been working with regulators to control illegal loan apps, and Google has updated its policies to only allow regulated entities or those working with them to publish loan apps on the Play Store. The Reserve Bank of India has also issued regulatory guidelines for digital lending to enhance customer protection and make the digital lending ecosystem safer.

MCA may remove up to 400 Chinese companies in 3 months over financial fraud; more than 700 under probe: Report | Mint

Livemint

Livemint · 1y ago

MCA may remove up to 400 Chinese companies in 3 months over financial fraud; more than 700 under probe: Report | Mint

The Ministry of Corporate Affairs (MCA) in India is reportedly planning to remove around 400 Chinese companies in the next three months. Over 700 Chinese companies are currently being investigated by MCA. The investigation focuses on loan apps, online job companies, and other businesses accused of predatory lending practices, fraud, and financial violations. This move is part of India's efforts to crack down on unethical practices and protect consumers. Companies that do not respond to notices will be removed from the official Registrar of Companies (RoC) and will no longer be recognized as valid businesses.

Centre may freeze funds, cancel registration of Chinese loan apps for fraud

Inc42 · 1y ago

Centre may freeze funds, cancel registration of Chinese loan apps for fraud

The Ministry of Corporate Affairs in India is considering cancelling the registration and freezing accounts of Chinese loan app operators if they are found to have committed fraud. The ministry's investigation wing conducted searches and raids on several Chinese loan app companies accused of fraudulent practices. The teams will soon submit their preliminary reports, which will determine further action. The government is taking steps to address the rising issue of illegal digital lending apps, including releasing guidelines and banning certain apps with alleged Chinese affiliations.

Your VPN might be spying for China: Watchdog flags 17 apps with hidden ties on Apple and Google stores

Economic Times

Economic Times · 2m ago

Your VPN might be spying for China: Watchdog flags 17 apps with hidden ties on Apple and Google stores

A watchdog report has identified 17 popular VPN apps on Apple and Google stores potentially sharing user data with China, citing links to Qihoo 360, a Chinese firm under U.S. sanctions. Qihoo 360 is concerning due to its potential Chinese military ties. The apps may use shell companies linked to Qihoo, raising data privacy issues. Apple removed apps like Thunder VPN, while others remain on Google Play. Users are cautioned about free VPNs with poor privacy policies.

Intel CEO to visit White House on Monday: WSJ - The Economic Times

Economic Times

Economic Times · 18d ago

Intel CEO to visit White House on Monday: WSJ - The Economic Times

Intel CEO Lip-Bu Tan will visit the White House to discuss with President Trump ways Intel and the U.S. government could collaborate. This meeting follows Trump's public call for Tan's resignation due to alleged conflicts of interest tied to Chinese firms. Tan aims to reassure Trump of his commitment to U.S. national security and manufacturing. Previously, Tan invested in Chinese tech firms, and Cadence Design, where he was formerly CEO, faced legal issues over sales to Chinese military-linked entities.

US lawmaker calls for probe of UAE tech firm over China ties

Economic Times

Economic Times · 1y ago

US lawmaker calls for probe of UAE tech firm over China ties

A US lawmaker has requested the consideration of trade restrictions on United Arab Emirates-based AI firm Group 42 Holdings (G42) due to its connections with China. Mike Gallagher, the Republican chair of the House Select Committee on the Chinese Communist Party, expressed concerns about G42's business relationships with Chinese military companies and blacklisted entities, such as Huawei. He has urged the Department of Commerce to evaluate whether G42 and its subsidiaries should be added to a trade blacklist.

Chinese syndicates to keep hurting India via loan app scams: Cyber expert

Economic Times

Economic Times · 1y ago

Chinese syndicates to keep hurting India via loan app scams: Cyber expert

Cybersecurity law expert Pavan Duggal warns that Chinese criminal syndicates and gangs involved in digital loan shark scams will continue to harm the Indian economy in 2024. Illicit activities conducted through Chinese loan apps exploit unemployed youth and financially-stressed individuals in India. These operations, primarily orchestrated from China, include data collection and financial disruptions with the goal of destabilizing the Indian economy. Duggal emphasizes the need for dedicated cybercrime courts and new legal frameworks to address cybercrime and the misuse of emerging technologies.

US senators probe Mark Zuckerberg over alleged China censorship push

Economic Times

Economic Times · 4m ago

US senators probe Mark Zuckerberg over alleged China censorship push

US Senators are investigating Meta CEO Mark Zuckerberg based on former executive Sarah Wynn-Williams' allegations that he pursued Chinese market access through censorship technology, supposedly concealed from US lawmakers. A Senate subcommittee is seeking company communications and meetings with Chinese officials since 2014. Requesting records on China-related partnerships and specified apps, they demand evidence of censorship efforts and a halted telecom cable project. Meta denies operating in China and refutes the allegations.

ED questions Anil Ambani in Rs 17,000-cr loan fraud probe

Economic Times

Economic Times · 23d ago

ED questions Anil Ambani in Rs 17,000-cr loan fraud probe

Reliance Group chairman Anil Ambani was questioned by the Enforcement Directorate (ED) for over nine hours as part of a money laundering probe into an alleged ₹17,000 crore bank loan fraud. The investigation focuses on loans provided to Reliance Group entities, which became non-performing assets. The ED is also questioning Ambani's former aides and banks involved. Ambani has been given seven days to submit relevant documents and will be summoned again.

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