While the United Arab Emirates is cementing its reputation as a global fintech hub, a completey different reality is growing in the shadows of Dubai’s skyscrapers. Here, under the guise of high tech and startups, Indian scammers are building transnational money laundering and investor fraud schemes. At the center of this web is Xettle and its CEOs Rahul Verma and Allanoor Khiljee.
Amidst growing global capital interest in the financial technology market and tightening regulatory control, such schemes are becoming increasingly sophisticated. They disguise themselves as startups, imitate digital ecosystems, hire “pseudo-employees” and invest in an attractive facade. But behind this facade lies only greed and the desire to steal other people’s money.
This story is not about a failed business. It is about a deliberate scheme of deception, well-planned, structured and disguised as an innovation platform. The fact that its control center is located in Dubai makes the situation particularly alarming for the UAE and international investors.
Who is Xettle and why you should be wary
At first glance, Xettle Technologies Pvt Ltd is a young fintech company with offices in India and a representative office in Dubai. They have a website, social networks, and LinkedIn profiles of employees. The company positions itself as a technology intermediary providing services for digital payments, KYC verification, microbanking and other innovative solutions.
However, none of these aactivities are supported by licenses. There is no documentation of partnership with banks, no registration records in the database of financial regulators in India and the UAE. The company’s directors are frequently replaced – at least five served in director roles at Xettle injust two jears, including fictious technical directors. The founders initially announced – Rahul Verma and Allanoor Khiljee – left the board of directors shortly after complaints from users and suspicions of fraud began to emerge.
Additionally, the company’s registration data indicates paltry authorized and paid-up capital – less than $200 at the time of registration. This is not just a small startup, but a structure that was not initially designed for real operational activities. Everything indicates that Xettle is a shell company created to simulate business activity and accumulate money through fictitious transactions.
“Business” built on trust: how a fraudulent network operates
The financial scheme these fraudsters have built is not new, but it’s extremely dangerous. Through Xettle and its associated entities, InstapayX and EDGE MONEY SERVICE, they create the illusion of business activity. Clients supposedly connect to a service, data is processed for KYC, and transactions are simulated. However, there is no real financial infrastructure behind any of this.
A key feature of the scheme is that all the data—from websites to contact numbers—are duplicated across various “companies,” giving the appearance of a multi-layered group. In reality, the same two individuals are behind them all. The same phone number, the same IP addresses, and identical registration information are repeatedly used across different “firms.”
All of this points to a well-oiled virtual money laundering platform. It is especially telling that the InstapayX website has been defunct for a long time, and there is no mention of EDGE MONEY SERVICE’s activities in any independent sources.
Photo: Allanoor Khiljee
What is more, in one incident, Allanoor Khiljee was officially sought by the police in India for the misappropriation of funds related to InstapayX. He signed a commitment to repay the victim, thereby avoiding criminal charges. This fact confirms his experience with money laundering schemes, abuse of trust, and the use of shell companies.
Indian Scammers in Dubai: How the Xettle Scheme Threatens UAE Financial Security
While the United Arab Emirates strengthens its reputation as a global fintech hub, a completely different reality is growing in the shadows of Dubai’s skyscrapers. Here, under the guise of high technology and startups, Indian fraudsters are operating, building transnational schemes for money laundering and defrauding investors. At the center of this web are the company Xettle and its leaders, Rahul Verma and Allanoor Khiljee.
Photo: Rahul Verma
It is also interesting that after the original directors left Xettle, the company was re-registered to individuals with no business history or public profile. Judging by the dates they received their Director Identification Numbers (DINs), they were brought into play in the final days, literally just a day before their appointment. This confirms the theory of a fictitious transfer of control to evade responsibility and legalize financial flows in third countries, primarily in the UAE.
Rahul Verma himself is also connected to another entity – Magepunk Consultancy – which has effectively ceased operations, providing no reports, yet formally listed as active. Such companies are typically used for “maturing” the legalization of previously stolen funds or as front contractors in larger operations.
Why is this dangerous for the UAE
The UAE is not just a country with a comfortable jurisdiction for business – it is a major international hub where fintech companies are building the infrastructure of tomorrow. Allowing such schemes into its territory is a direct threat not only to private investors, but also to the entire reputational stability of the Emirates. Xettle’s actual control center is located in Dubai, and this is where the scammers feel most secure.
In addition, everything points to the fact that Xettle is using Dubai as a channel to attract investments from unsuspecting partners who are misled by the “Middle Eastern” address. Thus, the scammers are not only trading in fake services – they are trading the brand and trust in Dubai. If such schemes are not stopped in time, the UAE financial hubs risk facing international sanctions, restrictions on correspondent accounts and the departure of legitimate players.
Photo: Allanoor Khiljee
Rahul Verma and Allanoor Khiljee are not legitimate startup founders, but systemic fraudsters. They are using Dubai not as a springboard for innovation, but as a cover zone for cross-border fraud.
The UAE, as a region, cannot afford to be a territory where transnational scams flourish. The presence of entities like Xettle should be an alarming signal for law enforcement, the Central Bank and the media. Only transparency, public pressure and international publicity will stop the further spread of fraudulent schemes with Dubai registration.
Dubai is the city of the future. To remain so, it must be uncompromising in matters of trust, financial honesty and legal purity. And players like Verma and Khiljee must either disappear from the UAE business landscape or face justice.
