India's blackmail purge: Underground money kingpins arrested, real-gold games overhauled www.deekpay.com

## India cracks down! Chinese company's "underground money bank" is investigated, real money gaming platform is blocked, what will happen to Chinese companies? Recently, India launched a series of severe crackdowns on Chinese companies, including underground money laundering, real gold gaming platforms, triggering market concerns. Underground money bank kingpin arrested, cash loan platform's capital chain broken The Indian Revenue Service recently arrested a Chinese national named Luo Sang, who is suspected of operating a "Hawala" network, or underground money bank, for Chinese companies. 100 crore in loans. It is learnt that he mainly financed Chinese cash loan companies in India. After the incident broke out, many Indian underground money changers went into hiding to avoid the limelight and the funds from cash loan platforms got stuck outside and could not be accessed. Real money gaming platforms investigated, many payment companies hit Indian police also recently investigated and dealt with a Chinese company suspected of online gambling fraud, the company called "Beijing T Power Company". The police arrested four employees, including the company's head Yan Hao, and froze 300 million rupees in the company's account. The case involves a number of Chinese payment companies, including Dokypay and Spotpay, which operated a real-money game on the Telegram platform that allowed players to play gambling games such as colour prediction. After the outbreak of the incident, most Indian payment companies have stopped working with them to run online betting and payment channels for unlicensed cash lenders have been cut off. Chinese companies face challenges as regulation tightens The outbreak of these two cases means that India's policy regulation of real-money gaming and the scrutiny and restriction of Chinese companies will become tighter and tighter. HSBC has stopped providing new account opening services to enterprises and individuals with Chinese background, and suggested existing customers to transfer their business to Chinese banks in Singapore and Nepal as soon as possible. For a long time, many Chinese startups have had a variety of non-compliance problems due to a lack of understanding of India's legal and fiscal systems. There are also some, aiming at the huge dividend market in India, holding the mentality of "fishing a wave and then run", from the beginning on the edge of the black industry wandering. Under the current tense Sino-Indian relations and India's strong regulation, the survival space of these wildcards will be seriously squeezed. Chinese companies must strengthen their ability to land in compliance, and in the future, only the more formal you go, the more money you can make. Opinion: The Indian market has great potential, but at the same time faces a severe regulatory environment. Chinese companies going to sea in India, must seriously comply with local laws, strengthen compliance, in order to get long-term development. Extended Reading: NBFC licence application blocked, Indian lending companies usher in a wave of mergers and acquisitions India Mutual Fund provides multi-level information on the Indian financial industry in all aspects By Rebecca Contact Details: Microsignal HomeClick on Business Co-operation to contact us Disclaimer: This article is for information purposes only and does not constitute any investment advice.