- MCA to Strike Off Chinese Companies: The Ministry of Corporate Affairs (MCA) in India is set to remove around 400 Chinese companies from the register in the next three months.
- Reasons for Strike-Off: These companies are being targeted due to incorporation and financial frauds.
- Loan Apps and Online Job Companies Affected: Many of the companies to be struck off are involved in loan apps and online job scams.
- Ongoing Investigations: Over 700 Chinese companies are currently under investigation by the MCA.
The Ministry of Corporate Affairs (MCA) in India is set to strike off approximately 400 Chinese companies across 17 states within the next three months due to incorporation and financial frauds. An ongoing investigation by the MCA has placed over 700 Chinese companies under scrutiny.
A government official reported that inquiries into almost 600 of these companies have been completed, resulting in a significant number—between 300 to 400—being slated for de registration. These companies include those involved in loan applications, online job platforms, and other similar services.
The MCA’s investigation has particularly focused on loan apps operating in India, which have been linked to predatory lending practices, financial fraud, and regulatory violations. Concerns have been rising over the rapid spread of digital lending apps, some associated with Chinese entities, accused of using aggressive collection tactics, imposing exorbitant interest rates, and engaging in unethical practices such as borrower harassment.
