Assets worth Rs.288 cr of Chinese owned NBFC seized

A FEMA authority has seized funds of about Rs. 288 crore of NBFC which are owned by Chinese corporations. The company used to lend micro-loans to individuals and then harass their borrowers by threatening and misusing their personal data.

The enforcement directorate through its statement, said “the full seizure of the funds in the action taken against Chinese-owned P C Financial Services NBFC,”.

The ED has seized PC Financial Services NBFC’s funds present in both the banks and payment gateways. The cumulative amount is around Rs.288 crores. The action has been taken under the relevant sections of the Foreign exchange management Act.