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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.
Bu hikaye The New Indian Express dergisinin October 11, 2024 baskısından alınmıştır.
Binlerce özenle seçilmiş premium hikayeye ve 9.000'den fazla dergi ve gazeteye erişmek için Magzter GOLD'a abone olun.
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