New Delhi: The Law Enforcement (ED) Directorate through its multiple investigations has found that more than hundreds of Chinese-controlled apps, including those involved in lending services and betting, have been hijacking thousands of crores of Indian Rupees with the help of Chartered Accountants.
“With the help of chartered accountants, dummy Indian directors were first used to set up the companies and after some time Chinese nationals came to India and took over the running of these companies,” he said. reported the ToI daily citing ED sources.
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The heightened concern has led to a crackdown on hundreds of Chinese-controlled mobile apps linked to loans, dating and betting in India.
During the investigation of these Chinese-controlled entities, the ED found more than 100 apps related to lending, betting and dating, which are controlled from China, the daily reported. The betting apps alone brought in revenue of Rs 1,300 crore, according to the agency.
“It is suspected that in addition to engaging in prohibited activities like online betting, this network of companies, with its reliance on online wallets and lax regulatory systems, could also have been used for hawala transactions,” said the ED.
The federal agency is coordinating with banks and regulators to take further action against these Indian payment gateways.
Indians were hired to open bank and business accounts and to threaten “defaults” with loans given at very high interest.
“The lax due diligence mechanisms of these payment gateways and their failure to report suspicious transactions to regulatory authorities have aided the defendants in initiating pan-India operations,” the ED said in one of its restraining orders. seizure.
“Once the bank accounts were opened, the internet access credentials were mailed by the Indian employees to China and the main payment instructions came from the beneficial owners who were securely settled in China,” said he declared.