Operation Hafta Vasooli: BIG success! ED raids parent company of CashBean loan app after Zeebiz initiative, Rs 107 crore SEIZURE
Zee Business’ #OperationHaftaVasooli campaign was a huge success as the Enforcement Branch raided the premises of PC Financial, the parent company of the online personal loan application CashBean. The agency seized about 107 crore rupees for violating FEMA law.
The Foreign Exchange Management Law, which was incorporated in 1999, consolidates and amends the Foreign Exchange Law with the aim of facilitating foreign trade and payments and promoting the orderly development and maintenance of the foreign exchange market in India.
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In this regard, Zee Business Editor-in-Chief Anil Singhvi congratulated his entire team on the success, as not only ED but the Reserve Bank of India, the Ministry of Commercial Affairs and even Parliament took knowledge of the matter.
The campaign was first reported by Anurag Shah, a senior special envoy for Zee Business, and was developed by Deputy Office Manager Brajesh Kumar Mishra. The campaign was launched against mistreatment and torture of borrowers (common man) during the pandemic by CashBean.
# Operation HaftaVasooli का बड़ा असर#Cashbean पेरेंट कंपनी पर ED की सख्त कार्रवाई, ₹ 107 करोड़ जब्त@AnilSinghvi_– @RBI, अफेयर्स मंत्रालय सभी रेगुलेटर्स -एक्टिव एक्शन लिया, सभी की सराहना … संसद में भी उठा मामला। लहर में शिकायतों में आई भारी कमी pic.twitter.com/yzmBoQiBjA
– Zee Business (@ZeeBusiness) August 27, 2021
Chinese loan application platforms were chasing huge interest, heavy penalties for non-payment of contributions, during tough times of crown lockdown when jobs were cut and there were no source of income, the editor said, highlighting details of the campaign.
He said: “We have conducted this campaign in a balanced manner, as our motto was only to make a voice on behalf of the people against this app-based loan company. However, at no time did we approve waiving the loan or mentioning anything that would indicate that the loan should not be paid.
Zee Business believed that people who took loans had the responsibility to repay, however, we were only against the terms and policies of this app-based lending platform. Over a period of one year, the borrower complaint had reduced and even many of our viewers repaid the specific loans.
SInghvi, praising regulatory bodies such as RBI and ED, as well as the Minister of Commercial Affairs, thanked them for learning about the “Operation Hafta Vasooli campaign”.