New Delhi, July 4 -- In a major crackdown on cyber-enabled financial fraud, the Enforcement Directorate (ED) has arrested one Rohit Vij, identified as one of the masterminds behind a Chinese app-based investment scam involving the fake mobile application 'LOXAM.

As per a statement from the ED, the accused lured unsuspecting investors with promises of unrealistically high returns, defrauding them through the fraudulent app.

Vij, the mastermind in the conversion of proceeds of crime into forex (foreign exchange), was arrested on June 30 and has been accorded five-day ED custody by a Prevention of Money Laundering Act (PMLA) court in New Delhi.

Following the arrest, the ED carried out search operations at five locations in Delhi linked to...