Hyderabad: As part of a sustainable investigation into instant application-based financing companies, the Enforcement Directorate (ED) has confiscated RS 51 Crore from various bank accounts owned by PC Financial Services Pvt Ltd (PCF) for alleged fema violations on Wednesday.
Ed has investigated a number of non-banking financial companies (NBFC) and Fintech companies under the prevention of money laundering laws to provide instant microfinance financing using cellular applications and then extort high interest rates by slandering various ways.
The investigation showed that the PCFS foreign company had brought FDI worth Rs 173 Crore for business loans and in a short time they made foreign foreign remittances worth RS 429 Crore, citing payments to foreign companies, providing software services.
However, officials did not find proof of receipt of service.
In this whole business, it is a Chinese citizen who is the final beneficiary.
“PCFs illegally have large funds outside India with the help of imports of software and marketing services that do not exist to park funds abroad and hold them in accounts related to foreign companies.
PCF has subscribed to FEMA provisions and thus ED, after identifying Local assets, have issued orders under the FEMA Law to take RS 50.22 Crore lying in various bank accounts and payment gateway accounts, “said ED officials in press releases.
Previously, ED officials took RS 106 Crores and Rs 131 Crores on a different occasion.