Singapore investigates company linked to Indian company

An education company linked to a Gurugram-based company whose assets were seized by India’s Law Enforcement (ED) Directorate is being investigated by a Singapore High Court-appointed liquidator . In connection with an alleged bank loan fraud case, the Law Enforcement (ED) Directorate last month seized assets worth Rs 90.31 crore from Educomp Professional Education Company Ltd, based in Gurugram, under the anti-money laundering law. According to the Educomp Group, a temporary foreclosure order has been obtained under the Prevention of Money Laundering Act (PMLA) against Educomp Professional Education Ltd, an entity of the Educomp Group.

These two companies belong to the Singapore Education Group whose Indian partnerships collapsed due to the inability of borrowers to repay their debts, estimated at a few million Singapore dollars. Wong said he is studying several alternatives to determine the exact amount of debts which include S$34.7 million as the book value of Learning Internet Inc of the United States, a company in the online learning network Educomp Asia Pacific. . Legal experts believe that the shares of Learning Internet have been pledged for borrowing from the SBI.

Singaporean liquidator Wong Joo Wan said on Saturday he was investigating the alleged sale of certain assets of Educomp Asia Pacific (in compulsory liquidation) since June 30, 2017, as well as the movement of funds from the company’s bank accounts with of State Bank of India and OCBC Bank of Singapore before the commencement of liquidation. The plaintiff creditors of Educomp Asia Pacific, linked in the same name as the Indian entity through joint administrators, are Raffles Education Investment (India) Pte Ltd of Singapore and Raffles Design International India Pvt Ltd.

Although the former directors left Educomp Asia Pacific in December 2016, they are still responsible for the assets of the Singapore-registered company which had business ties to India for setting up the training center, experts believe. The ED money laundering case against the group stemmed from an FIR filed by the Central Bureau of Investigation (CBI) against the accused company and its promoters. The group was promoted by IIM Ahmedabad through Shantanu Prakash and is undergoing a corporate insolvency resolution process.

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  • Singapore investigates company linked to Indian company
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