The Enforcement Directorate has seized an additional amount of Rs 131.11 crore lying in bank accounts and virtual accounts with payment gateways belonging to PC Financial Services Pvt Ltd under FEMA for forex violations linked to instant apps run by a Chinese national.
The latest seizure is in continuation of an earlier seizure order dated August 26, 2021 whereby an amount of Rs 106.93 crore was seized. During the course of the money laundering investigation, ED also initiated an investigation under FEMA against the firm that provides instant personal micro loans through its mobile application ‘Cashbean’ for suspicious foreign outward remittances. PNS
PCFS is a wholly owned subsidiary of Oplay Digital Services, SA de CV, Mexico, which is in turn a subsidiary of Tenspot Pesa Limited, Hong Kong which is owned by Opera Limited (Cayman Islands) and Wisdom Connection I Holding Inc (Cayman Islands), which are ultimately beneficially owned by Chinese National Zhou Yahui.