ED seizes Rs 131 crore from Chinese-owned company- The New Indian Express


By Express News Service

HYDERABAD:  The Enforcement Directorate (ED) officials, on Thursday, September 30, 2021, seized about Rs 131.11 crore lying in the bank accounts and virtual accounts with payment gateways belonging to PC Financial Services Private Limited, an NBFC, under the provisions of Foreign Exchange Management Act, in connection with the microloan apps cases. This was in continuation with the seizures in August. This will take the total seizure in this case to around Rs 238 crore. 

Investigations revealed that PCFS provided microloans through its mobile application ‘Cashbean’ for suspicious foreign outward remittances and it was a wholly-owned subsidiary (WOS) of Oplay Digital Services, SA de CV, Mexico, which was in turn a WOS of M/s Tenspot Pesa Limited, Hong Kong, owned by M/s Opera Limited (Cayman Islands) and M/s Wisdom Connection I Holding Inc (Cayman Islands), which are ultimately beneficially owned by…

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