FEMA authority orders confiscation of Rs 252-crore assets of Chinese-controlled loan app ‘CashBean’

Assets worth more than Rs 252 crore of an Indian subsidiary of a Norwegian company “controlled” by Chinese persons have been ordered for confiscation in a FEMA probe against an “illegal” money lending mobile app named ‘CashBean’, the ED said on Thursday.

The Enforcement Directorate said an order, post adjudication, was issued on October 7 against PC Financial Services Pvt Ltd (PCFS) under the Foreign Exchange Management Act (FEMA) along with imposition of a penalty of more than Rs 2,146 crore against the said company.