A man based in Delhi has been arrested in connection with the case of washing £The 900-Crore investment application “fraud”, allegedly dealt with by some Chinese citizens, said on Friday the Directorate for Pravo (ED).
Rohit VIJ was arrested on June 30 after searching in the capital of the capital, the agency said in its statement.
Fraudulent system exposed
The ED case, under the Money Laundering Act (PMLA), comes from companies 2022 registered by the Hyderabad police station.
The police complaint claimed that some Chinese people, along with some Indians cheated on investors by offering “unrealistic” high investment revenues.
Investments were made through a false investment application called “Loxam”, which falsely claimed an association to a renowned French multinational company with the same name.
Tracking “spoiled” money
The ED survey revealed that the “tainted” funds were collected on the entity’s bank account called Xindai Technologies PVT Ltd. This company was established on behalf of the Indian, allegedly according to the instructions of the Chinese state relevant name.
Jack then allegedly obtained the credentials of the Internet banking of this account and directed funds through 38 MULE accounts
Stredged Hawala network
The key part of the money wash operation included Rohit VIJ and its collaborators.
Ed claims that they have transformed the defiled resources into foreign currencies such as US dollars and SAE Dirhams, through Shell Money Changer, such as Ranjan Money Corp PVT LTD and KDS Forex PVT LTD in Delhi.
These converted foreign currencies were then provided to “Chinese offenders” through illegal “Hawala channels”.
Amount £171.47 Crore was drained through Xindai Technologies PVT LTD and later transformed into forex through Moninger Companies, Ed said in its statement.
“From Ranjan Money Corp. and KDS Forex Pvt. Ltd. £903 crore spoiled money generated by Chinese perpetrators and other accused people, ”he said.
(Tagstotranslate) Money washing
