MCA to Deregister Up to 400 Chinese Companies Over Fraud Issues in Next Three Months

The Ministry of Corporate Affairs is planning to deregister up to 400 Chinese companies across 17 states over the next three months. This action is being taken because of issues related to incorporation and financial fraud.

Currently, more than 700 Chinese companies are being investigated by the MCA. According to a government official, the inquiry into almost 600 of these companies has been completed.

As a result, it is expected that between 300 and 400 companies will be struck off the official records. This includes various types of companies such as loan apps and online job platforms.