The Serious Fraud Investigation Office (SFIO) has finalized its probe into 33 Chinese digital loan apps, such as Omelette and Jump Monkey, and submitted its report to the Ministry of Corporate Affairs (MCA). The investigation, focusing on potential financial irregularities, is expected to lead to legal action against these companies. The MCA oversees special courts that handle cases related to offenses under the Companies Act.
The investigation revealed alleged financial fraud and the concealment of beneficial ownership ties to Chinese entities. This investigation is part of a larger government effort to combat fraudulent digital lending platforms, especially those with Chinese funding.