With the cancellation of registration of Chinese loan app companies, funds will be frozen, the government will take major action

Government action on Chinese loan app : Government of India is preparing to take a big action against Chinese loan app companies, in which the registration of Chinese loan app companies can be canceled and if fraud is proven in the investigation, they can also freeze the account. is This information was given by a senior government official.

The offices of several Chinese loan companies were raided last year

In this matter, the team of the Ministry of Corporate Affairs is finalizing its preliminary report. The teams raided the offices of several Chinese loan companies last year and conducted search operations. The inquiry is finalizing the report regarding this. The ministry is investigating 665 companies, including Chinese loan app companies, for cheating people in the name of providing easy loans. The official said the corporate affairs ministry may consider taking action against Chinese loan apps, including freezing funds and canceling their registration. Section 447 of the Companies Act deals with the punishment related to fraud with a fine of three times the amount involved in the fraud.

ED is also probing Chinese loan app companies

Chinese loan app companies are also being investigated by the Enforcement Directorate (ED) for money laundering and it is said that loan app companies have created a network to extort money through fake loan offers, with many people falling into the trap of these loan apps and becoming victims of huge frauds. is