The Ministry of Corporate Affairs (MCA) on Thursday initiated a crackdown on Indian entities that were providing “fake directors” to hundreds of Chinese shell companies in cities like Delhi, Bengaluru, Hyderabad and Gurugram.
“The Ministry of Corporate Affairs has started raiding today at 1530 hours. Indian organisations who were providing fake directors to hundreds of Chinese shell companies. Raids are going on in Delhi, Gurugram, Bengaluru and Hyderabad.
A team of 25 to 30 MCA officers is at each location. Raids are continuing,” according to official sources. They added that Indian citizens with no education and working in menial jobs were being provided as Directors to Chinese Shell companies.
Raids are currently continuing and more details are awaited in this regard. Earlier this month, the Enforcement Directorate (ED) carried out search operations at six premises in Bengaluru in respect to an investigation relating to the Chinese loan app case.
The federal agency had conducted the raids under provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency said.
The premises of Razorpay Pvt Ltd, Cashfree Payments, Paytm Payment Services Ltd and entities controlled and operated by Chinese Persons were covered in the search operation, said the ED.
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