ED on the hunt to bring 'agent' from Dubai

New Delhi: Enforcement Directorate has initiated steps to extradite from Dubai a Haryana-based man accused of playing middleman to settle private loan transactions and corporate financial disputes running into hundreds of crores of rupees by using strong-arm tactics, people in the know told ET.

Acting on FIRs registered by multiple state police departments, ED's Gurugram Zonal Office last week carried out searches in Delhi and Gurugram in connection with an ongoing money-laundering probe relating to alleged coercive loan settlements and extortion by Inderjeet Singh Yadav and his associates. During the searches, the agency seized about ₹6.51 crore of cash, jewellery valued at about ₹17.4 crore, five luxury vehicles worth ₹8-9 crore and documents relating to immovable properties valued at around ₹35 crore, said the people.

These assets were acquired using proceeds of crime generated through extortion and coercive tactics by Yadav, they said.

Yadav left India after income-tax officials raided his residence in January 2025. "Yadav is managing his operations remotely from overseas, from Dubai, to evade arrest. Our efforts are ongoing to extradite him back to India to face due process of law," a senior official told ET.

Yadav's name figures in multiple FIRs registered by Haryana, UP and other state police departments, involving allegations of cheating, criminal intimidation, extortion and violations of the Arms Act.

According to enforcement agencies, when disputes arose between private lenders - often operating outside the formal banking system - and borrowers who were unable or unwilling to repay, Yadav would step in as a "problem solver".

He would help settle the disputes not through negotiations but through threats as well as using armed associates and links to overseas gangsters, another official told ET. Such settlements would often cause deep losses for the lenders, while Yadav would retain a substantial amount as commission, the official added.

Findings of the investigation "underscores how cash-based private financing, weak oversight and organised crime can converge to create a parallel economy", the official said, adding Yadav used to layer the cash generated from these activities by moving it through hawala channels and trusted intermediaries, before routing to business entities that he and his associates controlled.

In the next stage, the laundered money would be invested in high-value assets, including luxury apartments in Gurugram, premium plots and farmhouses, expensive vehicles and jewellery, the official said. Many of these assets were held in the names of his family members and close associates.