{"id":34918,"date":"2022-04-09T13:01:35","date_gmt":"2022-04-09T07:31:35","guid":{"rendered":"https:\/\/tradebrains.in\/features\/singapore-india-company-probe\/"},"modified":"2022-04-09T13:01:35","modified_gmt":"2022-04-09T07:31:35","slug":"singapore-india-company-probe","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/singapore-india-company-probe\/","title":{"rendered":"Singapore investigates Indian business-linked education company"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3118162086\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Singapore, Apr 9 (PTI) A Singapore High Court-appointed liquidator is investigating the affairs and divestment of assets of an education company linked to a Gurugram-based firm whose assets have been attached by the Enforcement Directorate (ED) in India.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2077202531\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Last month, the Enforcement Directorate (ED) attached assets worth Rs 90.31 crore of Gurugram-based company Educomp Professional Education Ltd under the anti-money laundering law in connection with an alleged bank loan fraud case.<\/p>\n<p> A provisional order for attachment of the properties has been issued under the Prevention of Money Laundering Act (PMLA) against Educomp Professional Education Ltd, a group company of the Educomp Group, it said in a statement.<\/p>\n<p> Singapore liquidator Wong Joo Wan said on Saturday that he was investigating the alleged divestment of certain assets of Educomp Asia Pacific (In compulsory liquidation) since June 30, 2017, as well as fund movements of the company&#8217;s bank accounts with the State Bank of India and OCBC Bank of Singapore prior to the commencement of the liquidation.<\/p><div class=\"trade-content_5\" id=\"trade-1974994249\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Petitioning creditors of Educomp Asia Pacific, related to the same name as the Indian entity through common directors, are Singapore&#8217;s Raffles Education Investment (India) Pte Ltd and Raffles Design International India Pvt Ltd.<\/p>\n<p> Both of these companies belong to the Singapore education group whose Indian partnerships have fallen apart due to the borrowers&#8217; inability to pay debts, estimated to be a few million Singapore dollars.<\/p>\n<p> Wong said he was probing several alternatives in determining the exact amount of debts which include Singapore dollars 34.7 million as a book value of Learning Internet Inc of the USA, a company within the Educomp Asia Pacific internet-based learning network.<\/p>\n<p> Legal experts believe that Learning Internet shares were pledged for borrowings from the SBI.<\/p>\n<p> Though the former directors have left Educomp Asia Pacific in December 2016, they are still liable for assets of the Singapore-registered company which had business links to India for setting up the education centre, the experts believe.<\/p>\n<p> The ED case of money laundering against the group stemmed from an FIR filed by the Central Bureau of Investigation (CBI) against the accused company and its promoters.<\/p><div class=\"trade-content-10\" id=\"trade-3432416756\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The group was promoted by IIM Ahmedabad passout Shantanu Prakash and it is undergoing a corporate insolvency resolution process. PTI GS MRJ AKJ  MRJ MRJ<\/p>\n<div class=\"trade-after-content\" id=\"trade-109454670\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Singapore, Apr 9 (PTI) A Singapore High Court-appointed liquidator is investigating the affairs and divestment of assets of an education company linked to a Gurugram-based firm whose assets have been attached by the Enforcement Directorate (ED) in India. Last month, the Enforcement Directorate (ED) attached assets worth Rs 90.31 crore of Gurugram-based company Educomp Professional [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-34918","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Singapore investigates Indian business-linked education company - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/singapore-india-company-probe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore investigates Indian business-linked education company\" \/>\n<meta property=\"og:description\" content=\"Singapore, Apr 9 (PTI) A Singapore High Court-appointed liquidator is investigating the affairs and divestment of assets of an education company linked to a Gurugram-based firm whose assets have been attached by the Enforcement Directorate (ED) in India. 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