Indian officials are concerned about China’s financial incursion, it is found that certain Chinese nationals had floated numerous Indian companies unlawfully
Indian officials are concerned about China’s financial incursion. An investigation by the Enforcement Directorate (ED) found that certain Chinese nationals had floated numerous Indian companies unlawfully, earning hundreds of dollars in revenue and remitting them to China without being noticed by the Financial Unit for Intelligence (FIU).
According to the ED dummy, Indian directors were originally employed to incorporate the firms with the assistance of chartered accountants, and after some time, Chinese nationals travelled to India and assumed the directorship in these companies. A crackdown on hundreds of Chinese-controlled mobile apps that operate in India and are tied to lending, dating, and betting has resulted from the increased worry. The ED discovered more than a hundred Chinese-controlled dating, betting, and loan apps while looking into these Chinese-controlled businesses. The organisation estimates that just the betting applications have generated earnings of Rs. 1,300 crores. The Ed switched its focus to payment gateways after freezing Rs 47 crore in HSBC Bank two years ago that belonged to Chinese betting and dating apps for unauthorised money transfers to China.
According to the investigation, these Chinese nationals launched numerous websites that appeared to be similar to one another and were hosted by Cloudfare in the United States. “These websites encouraged naive people to become members and use its services through various online apps,” the ED stated. Through specialised restricted groups made through Telegram and WhatsApp, even agents were employed to draw customers.