Since the Covid-19 pandemic, China has been trying to portray itself as a reliable partner for economic recovery. However, just like its low efficacy vaccines, China has failed in its promises full of manipulations.
The latest is a long list of Chinese companies involved in financial impropriety. These companies are being investigated in India for tax evasion and dodgy finances for gathering the personal data of a large number of individuals. The alleged real beneficiaries were senior members of the Chinese Communist Party (CCP).
The Malfeasance: There are national security concerns all over after this breach.
Several Chinese loan apps promised easy money and burdened users with hefty interest. The fact that Beijing can harness much of this data as Chinese companies are bound by data disclosure norms by their domestic laws – is disturbing.
Calls for action: The Registrar of Companies (RoC) has now set up cells across India to probe such reported incidents. Further, as many as 40 non-banking financial companies with links to the Chinese may face licence cancellations.
Honeyed Words, Vile Mind: The focus on wealth redistribution is not new for China. Remember when Shopee shut its e-commerce operations in India in March? Its owners were traced back to China as complaints began to surface.
Even Xiaomi, the smartphone maker, was found non-compliant with the regulatory mandate last December. The raids on other Chinese telcos also reveal hidden transactions with their associated companies.
Too long? Here’s a one-liner: Several Chinese companies have been probed by India for tax evasion, dodgy finances, and consumer data theft; Chinese nationals were found linked with the apps promoting online betting and dating.