Ed Gets Hc Relief In Loan Application Cases | Hyderabad News

Hyderabad: Giving some relief to the Law Enforcement Directorate (ED), which investigates Chinese loan enforcement cases, the High Court on Tuesday ordered a standstill on the 270 crore seizure made by the agency from the accounts of PC Financial Services Private Limited, managed by Chinese nationals.
A bench of Chief Justice Satish Chandra Sharma and Justice Abhinand Kumar Shavili made the interim order while hearing an appeal filed by the ED which is investigating how the company could make a profit of 11,700 crore in a year with a meager investment of 173 crore. The ED was questioning an interim measure granted by a single judge earlier who heard a plea from the company asking for permission to withdraw 15 crore for staff salaries from its frozen accounts and allowed the same.
According to Anjali Agarwal, ED’s lawyer, they noticed that 429 crore had been sent by the company to China through foreign remittances and were trying to seize the equivalent of the money under the provisions of FEMA. “We have only been able to tie up 270 crores so far and we have yet to get our hands on the remaining part. It is not accurate to say that the company, which has made so much money in defrauding innocent borrowers with its inhuman methods of loan collection, lack of money,” the ED said in its appeal.
Zhau Yahui, the beneficial owner of the company, is a billionaire entrepreneur and one of the biggest web game developers in China. The bench adjourned the case to Friday for a rehearing.

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