The ED’s swift action against Xue Fei and his associates underscores India’s ongoing commitment to curbing financial crimes and safeguarding the country’s economic integrity
The Enforcement Directorate (ED) has attached assets worth Rs 4 crore in a money laundering case involving Xue Fei, a Chinese national living illegally in India, newindianexpress.com reported.
The investigation began after the Special Task Force (STF) of Uttar Pradesh Police first booked Xue Fei in Noida, near Delhi.
The ED’s statement revealed that Xue Fei, along with his associate Ravi Natvarlal Thakkar, operated two exclusive clubs, Luckin Club Private Limited and Tianshang Renjian Private Limited, in the National Capital Region (NCR). These clubs primarily served Chinese nationals who had entered India illegally. The agency found that these establishments facilitated illegal activities, including gambling and underage prostitution.
Additionally, the investigation exposed their involvement in illegal e-waste trade, including extracting printed circuit boards, mobile chips, and motherboards
The attached assets include bank deposits and fixed deposits worth Rs 3.12 crore, as well as a residential property valued at Rs 60 lakh in Mohali, Punjab. The ED claimed that Thakkar “beneficially owned” the property in connection with the money laundering case. The agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA).
This recent action follows the ED’s June attachment of assets worth Rs 13.51 crore related to the same investigation.
The ED alleged that Xue Fei and his group ran several bogus companies using puppet directors to facilitate their operations. These companies managed multiple instant loan apps such as Rupee Plus, Lucky Wallet, and Paisa Karo. Borrowers who delayed their payments were reportedly threatened and blackmailed using personal data obtained by the group, leading to significant financial exploitation.
The ED further disclosed that the group funneled money through a web of transactions using shell companies, disguising the source of their profits. This intricate scheme allowed them to accumulate massive sums of money, which were then laundered.
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