ED raids premises of Bharath Infra Exports and Imports Ltd in Bengaluru and Davangere in bank fraud case
BENGALURU:
The Directorate of Enforcement (ED) has conducted search and seizure action at two locations in Bengaluru under the provisions of the Foreign Exchange Management Act (FEMA) in the case of Pigeon Education Technology India. During the searches, various incriminating documents and forensic backups from electronic devices were seized, according to the probe agency.
Pigeon Education Technology India provides online education in the name of Odaclass. During the search, it was revealed that the company is wholly owned by Chinese nationals. The company is part of a group consisting complex web of entities having ultimate controlling company in Cayman Island, the agency said. The current directors of the company are Liu Can, who is a Chinese national, and Vedant Hamirwasia. During the search, it was revealed that the entire affairs of the company were controlled by Liu Can from China while the Indian director was having no control or access to the affairs of the company and followed all the instructions of Chinese persons.
The Chinese director is the authorised signatory in all the bank accounts of the company maintained in India and the same are being operated online through China. The company remitted around Rs 82 crore to China in the name of marketing expenses on the instructions of the Chinese persons without having proof of availing any services from the beneficiary entity. The agency also said that the role of the earlier directors of the company, Sushant Srivastava, Priyanka Khandelawal and Himanshu Garg who resigned last year is also under investigation. (ANI)
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