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ED seizes Rs 3.94 cr from Chinese-owned Pigeon Education Technology under FEMA case – World News Network

New Delhi [India], July 14 (ANI): The Enforcement Directorate (ED) has seized Rs 3.94 crore in a case against Pigeon Education Technology India Private Limited under provisions of the Foreign Exchange Management Act (FEMA), 1999, the central agency said in a Twitter post on Friday.
An investigation revealed that the said entity was owned and controlled by the Chinese nationals, the enforcement agency said in a tweet.
ED seizes Rs 3.94 cr from Chinese-owned Pigeon Education Technology under FEMA case - World News Network
ED seizes Rs 3.94 cr from Chinese-owned Pigeon Education Technology under FEMA case - World News Network
It added an amount of Rs 82.72 crore has been siphoned to China and Hong Kong from the company “under the pretext of advertising expenses”.
After today’s seizure, the total seizure in the case stands at Rs 12.25 crore, the agency said.
The ED in May seized Rs 8.26 crore in the same case against Pigeon Education Technology India Private Limited.
The enforcement agency had then in a statement noted that an investigation found that the company was owned by Chinese nationals and all the affairs of the company including financial decisions are being taken by the persons sitting in China. (ANI)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


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