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The Corporate Affairs Ministry is reportedly currently investigating several Chinese companies, particularly those associated with loan apps, for alleged violations. According to a report by news agency PTI, some of these investigations have reached an advanced stage, as reported by a senior official1.
Since past few years, security agencies have been cracking down on entities that operate illegal loan apps.The ministry is also taking action against companies and related individuals who conceal beneficial ownership.
The ministry, responsible for implementing the companies law, is primarily examining whether frauds have occurred within these companies. Some of the cases are said to be probed by the Serious Fraud Investigation Office (SFIO)1.
Complaints from various entities, including the Reserve Bank of India (RBI) and the Ministry of Electronics and Information Technology (MeitY), prompt the ministry to initiate inquiries against the concerned companies. While tracking funding sources can be challenging, efforts are made to determine beneficial ownership1.
The report says that in January, the Registrar of Companies (RoC) in the National Capital Territory (NCT) of Delhi and Haryana imposed penalties totaling over Rs 21 lakh on an Indian company and related individuals/entities. This action was taken to address the concealment of beneficial ownership links to a Chinese group.
Earlier this month, the finance ministry informed the Parliament that Google had suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023.
The government remains actively engaged with the RBI and other regulators to combat fraudulent loan apps, emphasizing customer protection and a secure digital lending ecosystem.
Since past few years, security agencies have been cracking down on entities that operate illegal loan apps.The ministry is also taking action against companies and related individuals who conceal beneficial ownership.
The ministry, responsible for implementing the companies law, is primarily examining whether frauds have occurred within these companies. Some of the cases are said to be probed by the Serious Fraud Investigation Office (SFIO)1.
Complaints from various entities, including the Reserve Bank of India (RBI) and the Ministry of Electronics and Information Technology (MeitY), prompt the ministry to initiate inquiries against the concerned companies. While tracking funding sources can be challenging, efforts are made to determine beneficial ownership1.
The report says that in January, the Registrar of Companies (RoC) in the National Capital Territory (NCT) of Delhi and Haryana imposed penalties totaling over Rs 21 lakh on an Indian company and related individuals/entities. This action was taken to address the concealment of beneficial ownership links to a Chinese group.
Earlier this month, the finance ministry informed the Parliament that Google had suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023.
The government remains actively engaged with the RBI and other regulators to combat fraudulent loan apps, emphasizing customer protection and a secure digital lending ecosystem.
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