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

Economic Times · 8m

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.