MCA raids Indian firms providing 'fake directors' to Chinese shell companies

New Delhi: The Ministry of Corporate Affairs (MCA) on Thursday carried out raids at several Indian companies that were suspected of providing “fake directors" to hundreds of Chinese shell companies in cities like Delhi, Bengaluru, Hyderabad and Gurugram. An MCA official told ANI that the raids started at 1530 hours at 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,” he said. 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. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .