Friday, April 12, 2024

ED Seizes Rs. 8.26 Crore in Case Against Pigeon Education Technology, Alleges Firm Is Chinese-Owned

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.

OnePlus recently launched its first tablet in India, the OnePlus Pad, which is only sold in a Halo Green colour option. With this tablet, OnePlus has stepped into a new territory that’s dominated by Apple’s iPad. We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated – see our ethics statement for details.

The post ED Seizes Rs. 8.26 Crore in Case Against Pigeon Education Technology, Alleges Firm Is Chinese-Owned appeared first on Technology News.

Source link

Share with your friends!

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

x  Powerful Protection for WordPress, from Shield Security
This Site Is Protected By
Shield Security