ED Cracks Down on Money-Laundering Racket Involving Chinese National

The Enforcement Directorate (ED) has attached assets worth over Rs 13 crore in connection with a money-laundering case involving a Chinese national, Xue Fei. Fei and his accomplices allegedly operated dubious hotels and loan apps, amassing large sums of money through fraudulent means.

PTI | New Delhi | Updated: 13-06-2024 20:11 IST | Created: 13-06-2024 20:11 IST
ED Cracks Down on Money-Laundering Racket Involving Chinese National
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The Enforcement Directorate (ED) on Thursday announced it had confiscated assets exceeding Rs 13 crore as part of its probe into a money-laundering case tied to a Chinese national residing illegally in India.

The ED's inquiry traces its origins to an FIR and charge sheets filed against Xue Fei, his Indian partner Ravi Natvarlal Thakkar, and several others by the Uttar Pradesh Police's Special Task Force. According to the agency, Fei and Thakkar ran suspicious businesses focusing on illegal Chinese nationals in the National Capital Region (NCR), including hotels and clubs.

The duo reportedly created numerous shell companies and managed various shady instant loan apps such as Rupee Plus and Lucky Wallet, leveraging personal data for extortion and fraud. Through these enterprises, they defrauded people nationwide, collecting crores of rupees. The ill-gotten money was funneled into a network of companies via circular transactions involving shell entities controlled by a 'Chinese cartel.' The ED's attachment order, initiated under the Prevention of Money Laundering Act, includes bank deposits, properties, and insurance policies valued at Rs 13.58 crore.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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