Hyderabad: The Directorate of Enforcement (ED) has confiscated Hospital 131 Crore lying in bank accounts and virtual accounts with payment gateways belonging to the Private Limited Financial Loan Loan Loan Application Company (PCF) under the provisions of the Foreign Exchange Management Law (FEMA).
With the latest action, ED has so far confiscated the company’s 237 crore RS.
Ed has found violations of FEMA when investigating money laundering charges against loan application companies and confiscating the previous 106 crore Hospital.
The company provides instant private micro loans through the ‘Cashbean’ mobile application.
It was found to have suspicious foreign remittances.
PCF is allegedly illegally triggered large funds outside India with the help of imports of software and non-existent marketing services to park funds abroad and hold them in related foreign company accounts.
PCFS is a wholly owned subsidiary of Digital OPLAY services, SA DE CV Mexico, which in turn is a subsidiary that is fully owned by Tenspot Pesa which is limited to Hong Kong.
TENSPOT is owned by Opera Limited and the policy of connection I holding Inc.
from the Cayman Islands, which in the end was prosecuted by National Zhou Yahui.
The original Indian company, PCF, was founded in 1995 by Indian citizens and received a NBFC license in 2002.
After RBI approval in 2018, ownership moved to China-controlled companies.
Ed, in a press release on Thursday, said “further investigation revealed that the PCF foreign parent company has brought FDI worth 173 crore for business loans and within a short period of time, making overseas remittances worth RS 429 Crore in the name of payment for service Software received from related foreign companies.
PCF also shows high domestic expenses from RS 941 Crore.
“” Detailed investigations of foreign expenses paid by NBFC revealed that most of the payments were made for foreign companies, related and owned by Chinese citizens The same, which has the opera group, “Ed said in the release.
Ed found that the exorbitant payment was left blindly by the Director of Indian Dummy from PCF without a thorough test and, in the instructions of the Head of State Zhang Hong, who directly reported Zhou Yahui.
“PCFS sends forex worth RS 429 Crore to 13 foreign companies in Hong Kong, China, Taiwan, USA and Singapore with the guise of payment for the ‘Cashbean’ app license fee 245 crore per year, software technical costs around Rs 110 Crore, marketing costs Online and advertising around Rs 66 Crore.
This service is available in India with a fraction of the costs incurred by PCF, “said Ed.