Ministry of Corporate Affairs: The Indian government is once again preparing to take action against Chinese companies. The Ministry of Corporate Affairs may soon take action against about 400 Chinese companies. The ministry has received information that these companies are involved in fraud related to online jobs and online loans. It is suspected that all these companies have made many people victims of financial fraud in 17 states including Delhi, Mumbai, Chennai, Bengaluru, Uttar Pradesh and Andhra Pradesh.
The investigation was done by the Ministry of Corporate Affairs
Citing government sources, Moneycontrol has claimed in its report that the Ministry of Corporate Affairs has also started an investigation against about 40 Chinese companies manufacturing mobile screens and batteries. Sources have claimed that about 600 Chinese companies came under the purview of investigation. Out of these, the functioning of 300 to 400 companies has been found suspicious. Action against them is almost certain. These also include loan apps and companies offering online jobs.
Fake companies are being opened in the name of digital loans
The report claims that companies providing digital loans have grown rapidly in the last few years. They are not following the guidelines of the Reserve Bank of India (RBI). Due to this, many customers have become victims of fraud. Also, companies providing such loans also start mentally exploiting people. Their interest rates are also very high. This investigation was started by the government to stop them. Similarly, people are also being trapped by giving fake job offers.
Bank account and address are all wrong, action possible in 3 months
According to the report, the directors of many of these companies are Indians. But, their bank accounts are Chinese. Also, no transaction records are available in these. In many cases, the address of the companies has also turned out to be wrong. In some cases, the investment was made in someone else’s name while the company was found to be doing some other business. This makes it very easy to commit financial fraud. According to the Company Act, action can be taken against these companies within three months.
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