ED seizes Rs 3.94 cr of Chinese owned tech firm

The Enforcement Directorate (ED) has seized Rs 3.94 crore in a case against Pigeon Education Technology India Private Limited under provisions of Foreign Exchange Management Act (FEMA), 1999. Earlier, Rs 8.31 Crore were seized in this case.

“The company provides online education in name of Odaclass. ED searches against the company revealed that the company is 100% owned by Chinese nationals and all the affairs of the company including financial decisions are being taken by the persons sitting in China,” an ED spokesperson said.

“Investigation has revealed that the company has syphoned off Rs.82.72 crore to China and Hong Kong SAR under the pretext of advertising and marketing expenses on the instructions of Chinese director Liu Kan…” the spokesperson said.