A major update has emerged regarding Chinese loan apps, with the Serious Fraud Investigation Office (SFIO) completing its investigation into 33 companies, including Omelette and Jump Monkey. The SFIO has submitted its findings to the Ministry of Corporate Affairs (MCA), indicating potential legal action. The investigation uncovered financial fraud and concealment of ties to Chinese groups.
The MCA oversees special courts that will handle the legal proceedings under the Companies Act. This investigation is part of a larger government initiative to crack down on fraudulent digital lending platforms, particularly those linked to Chinese entities.