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ED sues Chinese loan app company for Rs. 105 crore fund confiscated

August 27, 2021
Source: blogspot.com blogspot.com
News Snapshot:
(PTI) New delhi date. 3 The Enforcement Directorate (ED) has seized Rs 104 crore from a Chinese-controlled NBFC (non-banking finance company), authorities said in a statement. The action was taken for violating the rules of the Foreign Exchange Management Act (FEMA). According to the agency, the money in the bank accounts and virtual accounts of a non-banking financial company (PCBS) called PC Financial Services Pvt Ltd (PCFS) has been seized. A total of Rs 104.5 crore has been seized by the ED. The case came to light recently during an investigation by some NBFCs and fintech companies, the ED said...
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Tags: app | Apple | bank | banking | Chinese | Delhi | digital | finance | financial | financial services | fintech | foreign exchange | fund | Hong Kong | India | Indian | IT | KONG | loan | loans | mobile | New Delhi | PC | social media | technology

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