OPED By Vaishali Basu Sharma
Since the Covid-19 pandemic, China has been trying to portray itself as a reliable partner for economic recovery. But just like the Chinese vaccines which have raised questions about efficacy, the country’s partnership in economic recovery comes with waste, fraud, and political manipulation.
Furthermore, Beijing has failed to act against the corruption and criminality that Chinese government-affiliated companies habitually use in South Asia to gain an unfair advantage.
Corruption is often a key element of Chinese economic engagement in the region. Estimates suggest that China is responsible for the largest Illicit Financial Flows (IFFs) related to corrupt business practices, by value globally, particularly to developing countries. Chinese nationals are regularly detained in Asian countries on suspicion of involvement in various illegal activities.
How Chinese Apps Duped Indian Borrowers
During the pandemic-induced lockdown, scores of Chinese-owned micro-lending apps started operating in India under very shady terms. Claiming to play fair, Chinese instant-loan apps Momo, CashBus, Timely Cash, Y Cash, Kissht, Robo Cash, Fast Rupee, Cash Mama, and Loan Time were offering payday loans to Indians, targeting borrowers on the lower end of the earnings scale. Many of these apps show more than a million install. Borrowers are charged exorbitant processing fees and interest rates.
In case of failing to make repayments, these Chinese micro-lending…
