ED arrests Delhi man in ₹903 crore Chinese app fraud case

The Enforcement Directorate (ED) on Friday arrested Rohit Vij, one of the alleged masterminds behind a massive ₹903 crore Chinese app investment fraud, during a series of raids at five locations in Delhi. The arrest is part of an ongoing probe under the Prevention of Money Laundering Act (PMLA).

The case stems from an FIR filed by Hyderabad police in 2022, which alleged that several Chinese nationals, in collusion with Indian operatives, launched a fraudulent app called ‘Loxam’, falsely claiming affiliation with a reputed French multinational. The app lured unsuspecting investors with promises of extraordinary returns.

According to the ED, tainted money from duped investors was funneled into bank accounts of Xindai Technologies Private Limited, a shell company registered in India. This company was allegedly controlled by a Chinese national identified as Mr. Jack, who used Indian identities and banking credentials to open and operate 38 mule bank accounts.

The investigation revealed that Rohit Vij, along with his associates, played a key role in converting the scam money into foreign currencies using Delhi-based shell money changer entities, namely Ranjan Money Corp and KDS Forex. These entities were reportedly under his direct control.