Probe: ‘hpz Token’ has Chinese loan app links | Hyderabad News
The MCA report, which TOI has access to, said directors of three Chinese companies in Hyderabad did not attend the RoC investigation in person, and it was recommended to issue lookouts (LOC) against the administrators of Chinese and Indian origin. MCA, which has already filed FIRs with the Hyderabad Police, has asked the Law Enforcement Directorate to take up money laundering cases against the companies and their promoters.
MCA sources said that Lillian Technocab Private Limited and Shigoo Technology Private Limited, registered with RoC, NCT of Delhi, raised money from investors on behalf of “HPZ Token”.
Cos with Chinese links involved in money laundering
The companies, which are believed to be owned by Chinese nationals, are said to be involved in alleged money laundering activities through cryptocurrency mining by assuring investors that their money was being used to buy mining cryptocurrencies such as HPZ Token.
The role of Hyderabad-based Tedal and Kata BioTechnologies came to light during the investigation as they were linked to the two Delhi-based companies.
One of the directors of Tedal and Kata, Tashi Tsering, is also a director of Adbok Technology India Private Limited, Delhi, whose registered office address is the same as that of Moneymitra IT Solutions, also registered in Delhi.
“One of the directors of Moneymitra IT Solutions, Ajaya Kumar Sahoo, was a director of PC Financial Services (NBFC), whose assets were worth 238 crore – 106.93 crore by ED on August 26, 2021, and 131 crore under the provisions of the Foreign Exchange Management Act, 1999 (FEMA) – have been seized.The company provides instant micro-loans through its “Cashbean” mobile application.Tedal & Kata Biotechnology and its directors have close ties with PC Financial Services as well as with Lillian Technocab and Shigoo Technology,” the report reveals.
Jiang Zhifeng and Ju Jimeng are shareholders of Tedal and Kata. When RoC officials visited the registered address in Kondapur, the company did not exist at the premises.
Khem Chand, a first director, in a response to RoC informed that he resigned from the company in 2019, while another director, Tashi Tsering, claimed to have left the company in November 2020. However, no directors did not respond to the invitations. and the former administrators failed to appear before investigators for giving an affidavit.
The Director Identification Number (DIN) of Tashi Tsering and Zhifeng Jiang has been deactivated due to failure to file reports with the RoC. MCA also observed that having a virtual office did not comply with Section 12 of the Companies Act. Fengfan (India) Networking Technology, a company in question for having ties to HPZ Token, was found to be a subsidiary of foreign entity Hi-Fin Technology, Singapore.