ED arrests key players in Rs 719 crore fake Chinese loan app scam

In its ongoing crackdown against Chinese loan apps, the Enforcement Directorate (ED) on Friday arrested two suspects from Kerala and claimed that they arranged about 500 mule bank accounts and used them to launder about ₹719 crore of victims’ money.

Sayid Muhammad and Varghese TG, who have been booked under stringent Prevention of Money Laundering Act (PMLA), 2002, have also been accused of opening 26 cryptocurrency accounts on WazirX, which were used to send ₹115.67 crore off shore, the ED said.