Business News | ED Seizes Rs 8.26 Crore in Case Against Chinese-owned Pigeon Education Technology Under FEMA
Get latest articles and stories on Business at LatestLY. In its statement, the ED said 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.
New Delhi [India], May 19 (ANI): The Enforcement Directorate (ED) has seized Rs 8.26 crore in a case against Pigeon Education Technology India Private Limited under provisions of the Foreign Exchange Management Act (FEMA), 1999, according to an official statement issued on Friday.
In its statement, the ED said 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.
"An amount of Rs 82.72 crore has been siphoned to China and Hong Kong from the company under the pretext of advertising expenses and marketing expenses on the instructions of Chinese director Liu Can," it said.
"The company could not produce any proof of receipt of service on its part and proof of any advertisement published against the said expenses. Further, the director and accounts manager of the company has also admitted during the investigation that the payment was made only on the instructions of Chinese director Liu Kan," ED said in its statement.
"The Indian director of the company, Vedanta Hamirwasia stated that the Chinese director told them that the said advertisements were published through Google and Facebook, however, no confirmation or invoice raised by these platforms has been submitted," ED said. (ANI)
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