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The Enforcement Directorate (ED) on Friday said it has seized funds worth Rs 8.26 crore of a Bengaluru-based online education company, fully owned and controlled by Chinese nationals, as part of a probe linked to the alleged contravention of the foreign exchange law.
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.
In an earlier action on the company, the ED found that it is fully owned by Chinese nationals and all its affairs, including the finances, are managed by people in China.
The Enforcement Directorate (ED) on Friday said that Odaclass, a company of Pigeon Education Technology India Private Limited, which provides online education, was owned by Chinese nationals and the Indian directors were nothing but puppets.The ...
The ED had raided the firm’s office in Bengaluru in April and the probe revealed that the company was part of a complex web of entities having a controlling company in the Cayman Islands.
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.
Pigeon Education Technology, a Bengaluru-based online education company funds worth Rs. 8.26 crore, have been confiscated by the Enforcement Directorate