Introduction
In early 2024, India’s Enforcement Directorate (ED) conducted raids across 19 locations in Delhi-NCR, Chandigarh, Haryana, Punjab, and Gujarat in a money laundering probe against two Chinese-backed fintech firms.[1] This was the latest in a series of punitive actions against Chinese companies in India in recent years[2] over alleged money laundering, fraud, tax evasion, running shell companies, and more. A few months prior, in December 2023, senior executives of Vivo, a leading Chinese mobile phone company, were arrested for violating India’s Prevention of Money…
