Chartered Accountants say their role is only to incorporate companies and can’t be held liable for the frauds committed by the Chinese loan apps they helped register in India.

In December 2020, Hyderabad police sleuths arrived in Bengaluru to arrest three persons. These three people were part of 4 companies that ran 42 instant loan apps, through which they scammed people, sometimes even harassing clients to an extreme, forcing them to die by suicide. One of these companies was registered at an office in Manipal Centre, in the heart of Bengaluru city. But a visit to the office showed that there was no tech company situated there, instead it was the office of a Chartered Accountant. A quick search showed that it was not just Nabloom technology, but at least 20 other tech companies that ran loan apps were registered with the same address.

The address, apartment number 201 on the second floor of Sudha Square in Kondapur of Hyderabad, doesn’t exist. The…

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