ED seizes Rs 8.26 cr of online edu firm

The Enforcement Directorate (ED) on Friday said it has seized funds worth Rs 8.26 crore of a Bengaluru-based online education company, fully owned and controlled by Chinese nationals, as part of a probe linked to the alleged contravention of the foreign exchange law.

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

The company provided online education under the brand name “Odaclass”, it said. The ED conducted searches against the group in April and “found that the company is 100 per cent owned by Chinese nationals and all the affairs of the company,