Micro-loan case: FEMA authority confirms seizure of ₹288 cr. by ED
The Hindu
ED takes action against Chinese-owned PC Financial Services Private Limited
The competent authority under the Foreign Exchange Management Act (FEMA) has confirmed the seizure of ₹288 crore made by the Enforcement Directorate (ED) against Chinese-owned PC Financial Services Private Limited.
The ED seized the balance in bank and Payment Gateway funds worth the money through three seizure orders issued last year.
The action was taken as a part of a probe against several non-banking financial companies (NBFCs) and Fintech companies, which were providing online instant micro-loans using mobile apps.
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