May 31, 2024 03:43 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Powerful solar storm headed towards Earth, likely to cause blackouts | 16 die of heat-related causes in 2 hours in Bihar hospital | PM Modi reaches Kanniyakumari to meditate at Vivekananda Rock | 'Final chance to ensure our democracy is protected': Manmohan Singh's emotional appeal to voters | Liquor policy case: Delhi court seeks ED's response on Arvind Kejriwal's bail plea
FEMA: ED seizes Rs. 8.26 crore in case against Chinese-owned Pigeon Education Technology India Private Limited

FEMA: ED seizes Rs. 8.26 crore in case against Chinese-owned Pigeon Education Technology India Private Limited

| @indiablooms | 20 May 2023, 07:12 pm

New Delhi: The Enforcement Directorate has seized Rs. 8.26 crore in a case related to Pigeon Education Technology India Private Limited, under the provisions of the Foreign Exchange Management Act (FEMA), 1999, media reports said.

The ED said during its investigation it was found that the company was owned by Chinese persons.

"ED has seized Rs.8.26 Crore in the case of Pigeon Education Technology India Private Limited under provisions of the FEMA,1999. Investigation revealed that the said entity was owned and controlled by the Chinese nationals and an amount of Rs 82.72 Crore has been siphoned to China and Hong Kong from the company under the pretext of advertising expenses.," the ED tweeted.

In a separate statement, ED said: " During investigation, it was ascertained that the company has siphoned off Rs.82.72 Crore to China and Hongkong in the name of Advertisement and marketing expenses on the instructions of Chinese director Liu Can."

ED 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 investigation that the payment were made only on the instructions of Chinese director Liu Kan," read the 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," the statement further said.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.