Jalandhar: Chinese companies are not only trying to unsettle the Indian economy by exporting cheap goods, but they are also busy doing online fraud.

Keeping in view the rising number of online frauds carried out by the Chinese companies, Indian Embassy in China has cautioned Indian industrialists to be alert before striking any business deal with such companies.

It has been perceived that the cases of the online fraud are on rise for the last three years. The Chinese companies use to approach Indian firms to make business deals and later they do not supply goods even after receiving money in advance.

In order to check these malpractices, the Indian Embassy in China has issued trade advisory by writing letter to Engineering Export Promotion Council (EEPC).

EEPC Deputy Director Upinder Singh said, industrialists are being informed about trade advisory. In 2009, Indian companies incurred losses to the tune of Rs 4000 crore due to the online fraud committed by Chinese companies, he added.

(JPN/Bureau)