#OperationHaftaVasooli: After the huge success of Zee Business sting Operation Hafta Vasooli during the lockdown period that revealed unethical practices of some lenders, the channel has once again launched a campaign on another critical issue to save loan-takers in India. Zee Business Managing Editor Anil Singhvi has come out with full details of the Chinese connection with small lending companies operating in India that do not comply with the RBI's EMI moratorium announcement. As promised, the Market Guru shows how our money is going to China through these small lending companies.Market Guru Anil Singhvi unveiled the shocking tactics nd behaviour used by these elements to harass borrowers. These include use of abusive language by the lending companies against customers, threat of lodging an FIR, threat to send police to their homes, threats to block PAN and Aadhaar cards and to spoil their credit scores. 
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Not just this, these lending companies have also been sending fake RBI and CBI letters to the customers along with fake notices on stamp papers. If this was not enough, these companies pressurised the customers with threats of even sending recovery agents.

Managing Editor Singhvi also spoke to Ashwani Mahajan, the National Co-convenor of Swadeshi Jagran Manch. Mahajan began by complementing the channel and said that Zee Business has been exposing many cases like this. This has also sensitised the Finance Ministry and the Reserve Bank of India about such issues, he added. 

He said these platforms were dangerous as they took a lot of personal data about the customers. He said that these platforms have the potential to jeopardise the national security.    

Singhvi revealed that there are around 11 companies which were formed between 2018 and 19. These companies are Rupee Plus, Rupee Fast, Cash Papa, Go Cash, Loan Pro, Cash Tap, Crazy Rupee, Rupee Cash, iCredit, WeRupee and RupeeBus. 

The Market Guru said that there are many companies which have the same address. He explained how one of the companies had the address of Purnia in Bihar. He said that 4 digital loan companies have been registered on the same address. 

He said that many companies have over 98 per cent of cash coming from China, according to the data present on the Ministry of Company Affairs (MCA).  

The Managing Editor in this show also revealed at least 9 companies, where the money was directly coming from China. One such company was Mi Credit, whose parent company was Xiaomi Financial Services. This company is registered in Hong Kong and has a 99.99 per cent shareholding in Mi. Another company Wecash, whose parent company was also a Chinese company called We Cash. Wi Fi Cash, whose parent company is Chaddha Finance Limited – an Indian Company. There were other companies too, which he revealed during the show. This company has a 25 per cent holding of a Chinese company.

Questions that raise suspicion 

  • Why is there no record of shareholding of many companies on government website? 
  • Who is the regulator of these apps? 
  • Who is running these apps? 
  • Why many companies do not have an address and phone numbers?  

Points to Note

  • Many Chinese company investments have been routed to India through Singapore. The money has also come from Chinese companies based in Hong Kong, British Virgin Island, Cayman Islands and even the US. 
  • There is no information about their registration with the RBI 
  • The lending apps present on Google Play do not have complete information about the companies  

Zee Business investigated 52 digital companies and analysed how these companies are harassing the customers in India.  

  • 22 out of these 52 companies have foreign investments 
  • 11 companies have over 99 per cent foreign shareholding  
  • At least 14 companies have Chinese money

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You too can be the Voice of India to protect Investor Wealth. Share your experiences with us on scam loan agencies using  #OperationHaftaVasooli and #ZeeBusiness.