Lack of Evidence for FEMA Act Contravention in Bogus Import of Service via Cash Bean App: Writ Petition Dismissed

PC Financial Services Private Ltd Vs Directorate of Enforcement & Anr. (Delhi High Court) Conclusion: The allegation of Bogus import of service through the Cash Bean app which was contravention in the Foreign Exchange Management Act,1999 must be based on the ‘reason to believe’ having certain tangible material and should be reasonable and not be arbitrary or whimsical, at the same time, the Court in the exercise of its powers under Article 226 of the Constitution of India could not act as an Appellate Authority and substitute its own opinion for that of the Competent Authority. The all...