Operation Hafta Vasooli: BIG success! ED raids loan lending app CashBean’s parent company after Zeebiz initiative, Rs 107 crore SEIZED

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​Zee Business’ campaign #OperationHaftaVasooli has received huge success as the Enforcement Directorate has raided the premises of PC Financial, the parent company of online personal loan application CashBean. The agency has seized around Rs 107 crore for violating the FEMA Act.

The Foreign Exchange Management Act, which was incorporated in 1999, consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of the foreign exchange market in India.

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In this regard, Zee Business Managing Editor Anil Singhvi congratulated his whole team for the success, as not just ED but the Reserve Bank of India, Corporate Affairs Ministry and even the Parliament took cognizance of the matter.

The campaign was first reported by Anurag Shah, a senior special correspondent of Zee Business, and was developed by Deputy Bureau Chief Brajesh Kumar Mishra. The campaign was launched against the ill-treatment and torture towards borrowers (common man) during the pandemic by CashBean.

Chinese lending application platforms were seeking huge interest, hefty penalty on non-payment of dues, during tough times of corona-led lockdown when jobs were gone and there was no income source, the managing editor said, while highlighting the campaign’s nitty-gritty.

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He said, “We did this campaign in a balanced way, as our motto was only to raise voice on behalf of the people against this app-based lending firm. However, we, at no point, endorsed of loan waiver or mentioned any material which would indicate that loan shouldn’t be paid.”

Zee Business believed, people who took loans, it’s their responsibility to pay back, however, we were only against the terms and policies this app-based loan platform had. Over a period of one year, the borrowers’ complaint had reduced and even many of our viewers have repaid the specific loans

SInghvi, praising the regulatory bodies such as RBI and ED, along with Corporate Affairs Minister, thanked them for taking cognisance of the ‘Operation Hafta Vasooli campaign’.

 

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