The Enforcement Directorate (ED) has seized Rs 8.26 crore from Chinese-owned Pigeon Education Technology India Private Limited for allegedly siphoning funds to China. The ED investigation revealed that the company was owned and controlled by Chinese nationals and had siphoned Rs 82.72 crore to China and Hong Kong under the pretext of advertising expenses.
The ED has registered a case under the Foreign Exchange Management Act (FEMA) against the company and its directors. The ED is investigating the matter to find out if any other laws have been violated.
The ED’s action comes at a time when there is growing concern about the Chinese government’s influence in India. The Chinese government has been accused of using its economic power to influence Indian companies and politicians. The ED’s action is seen as a signal that the Indian government is taking steps to protect its sovereignty from Chinese interference.
The ED’s action has also raised concerns about the role of online education companies in India. Online education companies have become increasingly popular in India in recent years. However, there have been concerns about the quality of education offered by these companies and the security of the data of their users.
The ED’s action against Pigeon Education Technology is a reminder that online education companies are not immune to the scrutiny of the law. Companies that violate the law will be held accountable.
