How the Xettle scheme threatens the UAE’s financial security

While the United Arab Emirates enhances its reputation as a global center, a different reality grows in the shadows of skyscrapers in Dubai.

Here, under the guise of high technology and startups, Indian fraudsters build national money laundering plans and investors’ constraints. In the midst of this web, there is Xettle and its CEO Rahul Verma and Allanoor Khilje.

In the midst of the increasing interest of global capital in the financial technology market and the tightening of organizational control, these plans have become increasingly developed. They hide themselves as emerging companies, imitate digital ecosystems, rented “false employees” and invest in an attractive interface. But behind this interface lies only the greed and the desire to steal the money of others.

This story is not about a failed work. It is a deliberate deception plan, a good scheme, organized and backward as an innovation platform. The fact that its control center is located in Dubai makes the situation in particular concern for the United Arab Emirates and international investors.

Who is xettle and why should you be careful

At first glance, Xettle Technologies PVT LTD is a young company Fintech with offices in India and a representative office in Dubai. They have a web site, social networks and LinkedIn definition files for employees. The company places itself as a technology that provides services for digital payments, checking KYC, MicroBanking and other innovative solutions.

However, none of these actions are supported by licenses. There are no documents for partnership with banks, and there are no registration records in the financial organizer database in India and the United Arab Emirates. The company’s managers are repeatedly replaced – which is at least five roles in the manager in the two Xettle Invential, including fictitious technical directors. The founders initially announced – Rahul Verma and Elanor Khailji – the Board of Directors shortly after user complaints and fraud clashes appeared.

In addition, the company’s registration data indicates the authorized and paid-up capital-less than 200 dollars at the time of registration. This is not just a small startup, but the structure was not initially designed for real operational activities. Everything indicates that Xettle is the Shell Company created to simulate commercial activity and collect funds through fake transactions.

Confidence -based “work”: How does a fraudulent network work

The financial plan created by the fraudsters are not new, but it is very dangerous. Through xettle and associated entities, InstapayX and Edge Money Service, they create the illusion of commercial activity. Customers are supposed to communicate with a service, data is processed for KYC, and transactions are simulated. However, there is no real financial infrastructure behind any of this.

The main feature of the plan is that all data-from web sites to communication numbers-are repeated via the various “companies”, with the emergence of a multi-layer group. In fact, the same two people are all behind. The same phone number, IP addresses themselves, and recurrent registration information are used over and over again through the various “companies”. All this indicates the platform of fake virtual money laundering. It especially tells us that InstapayX has ended for a long time, and there is no mention of Edge Money Service activities in any independent sources.

What’s more, in one incident, the police in India seek to embezzle with Instapayx funds. Commit

To pay the victim, and thus avoid criminal charges. This fact confirms his experience in money laundering plans, misuse of confidence, and the use of shell companies

Indian fraudsters in Dubai: How to threaten the XETLE scheme

While the United Arab Emirates enhances its reputation as a global center, the reality is completely different that grows in the shadows of skyscrapers in Dubai. Here, under the guise of high technology and startups, Indian fraudsters work, and they build national plans for money laundering and fraud on investors. In the middle of this web, the company XETLE is located and its leaders, Rahul Verma and Allanoor Khilje.

It is also interesting that after leaving the original directors XETLE, the company was re -registered for individuals who have no commercial history or a general profile. Based on the dates in which they received the identification of the Director’s identity (DINS), they were entered in recent days, literally just one day before their appointment. This confirms the imaginary transfer theory to control evasion of responsibility and give legitimacy to financial flows in the third countries, in the first place in the United Arab Emirates.

Rahul Verma itself is also associated with another entity – which has effectively stopped operations, has not made any reports, but is officially included as active. These companies are usually used “maturity” to legalize

Why is this dangerous for the United Arab Emirates

The United Arab Emirates is not just a country with a comfortable jurisdiction of business – it is a major international center where technology companies are in infrastructure technology tomorrow. Allowing such plans in its territory is a direct threat not only for private sector investors, but also to the prevailing stability of the Emirates. The Xettle Control Center is located in Dubai, and this is where the fraudsters feel safe.

In addition, everything indicates the fact that Xettle uses Dubai as a channel to attract investments from reassuring partners who are misleading entitled “Middle East”. Thus, the fraudsters are not trading only in fake services – they trade in the brand and trust in Dubai. If such plans are not stopped in a timely manner, the risks of Emirati financial centers facing international sanctions, and the restrictions imposed on the reporter
Sharia players accounts and departure.

Rahul Verma and Allanoor Khilje are not founders of startup, but the methodologists. They use Dubai not to serve as a starting point for innovation, but as a cover -out cover area across the border.

The UAE, as a region, cannot be an area where national fraud. The presence of entities such as Xettle should be a disturbing sign of law enforcement, the central bank and the media. Only transparency, public pressure and international advertising will stop the spread of additional fraudulent plans with the registration of Dubai.

Dubai is the city of the future. To remain so, it must be uncompromising in matters of trust, financial honesty and legal purity. Players, such as Verma and Khailji, must disappear from the Emirati business scene or face justice.