PC Financial Services Pvt Ltd is in the business of providing instant micro loans through its mobile application ‘Cashbean’ and was allegedly facilitating suspicious foreign outward remittances
The alleged violation came to notice during a separate money-laundering probe against a number of NBFCs and fintech companies that are linked to instant personal loans providing mobile apps
In a wave of crackdowns on rogue digital lending apps, earlier in May, ED attached assets worth over INR 76 Cr
The Enforcement Directorate (ED) has seized INR 131 Cr from the accounts of Chinese-controlled NBFC PC Financial Services which runs the microloan app CashBean for alleged violation of foreign exchange norms.
PC Financial Services Pvt Ltd is in the business of providing instant microloans through its mobile application ‘Cashbean’ and was allegedly facilitating suspicious foreign outward remittances.