ED Cracks Down on Chinese Loan App Scandal

The Enforcement Directorate has attached properties worth Rs 17.23 crore in a money laundering case involving Xue Fei, a Chinese national, and others. The case, linked to illegal activities at hotels in India, involved rigged loan apps targeting Indian citizens and amassed massive amounts in illicit transactions.

In a significant development, the Enforcement Directorate (ED) has confiscated properties valued at Rs 3.72 crore under the Prevention of Money Laundering Act, 2002. This operation targets the complex web of activities surrounding Xue Fei, a Chinese national, tied to a fraudulent Chinese loan application racket.

The properties, which include bank balances and a residential flat in Mohali, Punjab, bring the total seizure in this scandal to Rs 17.23 crore. This follows investigations initiated by the ED, based on documents provided by Uttar Pradesh Police, spotlighting violations across IPC, Foreigners Act, and IT Act.

Findings detail Xue Fei's illegal residency in India, alongside accomplices like Ravi Natvarlal Thakkar, managing dubious entities. These entities ran high-interest loan apps and engaged in illicit activities in NCR-exclusive clubs for Chinese nationals. The ED states these operations endangered data privacy and defrauded numerous Indians, further fueling unlawful enterprises.

(With inputs from agencies.)