ED slaps Rs 2,100 crore fine on NBFC for loan app with Chinese links

Hyderabad's Enforcement Directorate has imposed a Rs 2,146 crore penalty on PC Financial Services for Fema violations linked to Chinese and Norwegian entities. The NBFC ran a loan app called 'CashBean'. The investigation revealed fraudulent remittances and usurious interest rates, leading to the cancellation of its registration by the RBI and property seizures worth Rs 252 crore in India.

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