
The Institute of Chartered Accountants of India (ICAI) is investigating the role of several chartered accountants (CAs) in assisting Chinese loan apps that are setting up shop in India and operating in a regulatory grey area.
According to an ET report, some CAs allegedly signed various documents for these apps, including incorporation documents, without performing proper due diligence. For the uninitiated, any company seeking to enter the lending business must be licenced by the Reserve Bank of India as a non-banking financial company (NBFC) (RBI). Even for Indian entities, this process is quite stringent, and it becomes even more difficult for foreign companies.








