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

economictimes.indiatimes.com:

corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership.
The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage.

Elevate Your Tech Prowess with High-Value Skill Courses

The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the Serious Fraud Investigation Office (SFIO), the official said.

Further, the official said that the ministry receives complaints from the Reserve Bank of India (RBI) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned.
While it is difficult sometimes to track the funding sources for some companies, the official