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ED seizes Chinese loan app worth Rs 107 cr for violating foreign exchange law

August 27, 2021
Source: indianlekhak.com indianlekhak.com
News Snapshot:
New Delhi: The Enforcement Directorate (ED) on Thursday seized funds worth around Rs 107 crore of a Chinese-controlled non-banking financial company (NBFC) for alleged infringement of foreign exchange giving instant personal loans on an internet-based app. was engaged in Law. The agency said PC Financial Services Private Limited (PCFS), an NBFC, was lying in bank accounts and virtual accounts on online payment gateways and which have been seized under the provisions of the Foreign Exchange Management Act (FEMA). The total amount seized is Rs 106.93 crore. The ED said the matter came under its radar during its ongoing money-laundering probe...
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Tags: advertising | app | applications | bank | China | Chinese | Covid-19 | Economy | finance | fintech | Hong Kong | India | Indian | Internet | investment | Mexico | mobile | mobile phone | New Delhi | online payment | PC | Singapore | Software | Taiwan | technology

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