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The government is preparing to take action against 33 Chinese digital loan apps, including Omelette and Jump Monkey, following an investigation by the Serious Fraud Investigation Office (SFIO). The SFIO, which investigates corporate fraud, has completed its investigation and submitted its report to the Ministry of Corporate Affairs (MCA). The report details alleged financial fraud and the concealment of links to Chinese groups.
Special courts, under the MCA’s jurisdiction, will handle the legal proceedings. The investigation is part of a wider effort to curb fraudulent digital lending platforms, especially those with connections to Chinese funding.
