ED Seizes Funds Worth Rs 8.26 Crore of Chinese-Owned Online Education Company in Bengaluru

GG News Bureau

Bengaluru, 19th May. The Enforcement Directorate announced on Friday that it had confiscated funds worth Rs 8.26 crore from a Bengaluru-based online education company that was fully owned and controlled by Chinese nationals, as part of an investigation into alleged violations of foreign exchange law.

The funds of Pigeon Education Technology Private Limited have been seized under Section 37A of the Foreign Exchange Management Act (FEMA), it said in a statement.

The company provided online education under the brand name “Odaclass”, it said.