ED seizes Rs 3.94 cr of Chinese owned tech firm

“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.

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.

You have exhausted your
monthly limit of free stories.

To continue reading,
simply register or sign in

Continue reading with an Indian Express Premium membership starting Rs 91 per month.

This premium article is free for now.

Register to read more free stories and access offers from partners.

Continue reading with an Indian Express Premium membership starting Rs 91 per month.

This content is exclusive for our subscribers.

Subscribe now to get unlimited access to The Indian Express exclusive and premium stories.