Delhi man arrested in ₹900-crore Chinese investment app scam
Rohit Vij was arrested by the Enforcement Directorate for his role in a massive ₹900 crore money laundering scam tied to a fake investment app called LOXAM.
The app lured people with promises of huge returns and claimed links to a French multinational, but turned out to be run by Indian and Chinese operatives.
The case first came up in 2022 after several investors were defrauded.
How the network operated
Investigators found that the gang used illegal hawala networks to move money overseas, converting funds into US dollars and UAE dirhams through shell companies and money changers in Delhi.
A Chinese national named Jack allegedly ran things from behind the scenes using stolen banking credentials and dozens of fake accounts.
Right now, Vij is in ED custody as they continue their investigation into how far this network goes.