Fraud in Company Registration: 34 FIRs Against 150 People, 40 Chinese, 110 Others

The Mumbai police’s Economic Offences Wing has filed 34 FIRs against 150 people, including five dozen foreigners, for allegedly breaking the regulations of company registration and fraudulently becoming directors of Indian companies. 40 of the 60 foreign nationals are from China, with the rest hailing from Singapore, the United Kingdom, Taiwan, the United States, Cyprus, the United Arab Emirates, and South Korea.

Based on allegations filed by the Registrar of Companies (ROC), Mumbai, at Marine Drive police station, the accused have been charged with cheating, criminal conspiracy, and criminal breach of trust under the IPC as well as Section 447 (fraud) of the Companies Act, 2013. The first FIR was filed in February, with the rest being filed this month. The investigation has now been handed over to the EOW.

“To the ROC in Mumbai, the defendants made false statements. Furthermore, the yearly reports’ balance sheets, which included transactions and statements, were incorrect. “In other cases, the company addresses were later discovered to have changed,” a police officer added.