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Indian loan firm routed ₹429cr to Chinese owners as bogus fees: ED
The New Indian Express
|October 11, 2024
Firm slapped with ₹2,146cr penalty for FEMA violations; ₹252cr worth properties confiscated
The Enforcement Directorate's investigation of PC Financial Services Ltd (PCFS), a Gurugram-based fintech company giving online loans at usurious rates of interest to crores of Indians, has found that they had illegally transferred ₹429 crore through bogus transactions to its foreign sister concerns, ultimately benefitting its Chinese owners.
An October 7 order by the adjudicating authorities in Chennai slapped PCFS with a fine of ₹2,146.48 crore for these violations under Section 4, 10(6) and 42(1) of the Foreign Exchange Management Act (FEMA). Properties worth ₹252.36 crore of the company in India already seized were ordered for confiscation.
The underlying intent of PCFS was to ingest hard-earned money of susceptible Indian borrowers and transposition the revenue to overseas masterminds, ED sources said.
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