- विज्ञापन -
New Delhi: The Enforcement Directorate (ED) has frozen assets worth Rs 170 crore from over 30 bank accounts belonging to certain shell companies following a raid in New Delhi, Uttar Pradesh, and Haryana as part of an investigation into QFX Trade Ltd. The ED conducted searches on February 11 under the Prevention of Money Laundering Act (PMLA), 2002, targeting locations in Delhi, Noida, Rohtak, and Shamli related to ongoing inquiries into QFX Trade Ltd and its directors—Raiender Sood, Vineet Kumar, and Santosh Kumar—as well as key figure Nawab Ali, also known as Lavish Chaudhary.
The investigation was initiated based on multiple FIRs filed by the Himachal Police against QFX for allegedly defrauding numerous investors through a deceptive forex trading scheme. According to the ED, QFX and its directors operated an unregulated deposit scheme, luring investors with promises of high returns.
The QFX group utilized a multi-level marketing (MLM) strategy under the QFX investment plan, creating websites, apps, and advertisements on social media to attract investors with claims of high forex trading returns. Evidence gathered during the investigation showed that, after the FIR against QFX, the scheme was rebranded as YFX (Yorker Ex) but continued the same deceptive practices.
Additionally, more fraudulent schemes linked to Nawab Ali, such as BotBro and TLC Coin, have been identified, being marketed as forex trading applications and websites. The ED noted that events are being organized in India and Dubai to draw more participants into these schemes.
The investigation revealed that several shell companies, including Rax Box Private Limited, Capter Money Solutions Private Limited, and Tiger Digital Services Private Limited, were employed to collect funds from investors. The searches disclosed that these companies were being used to accept public deposits for QFX and YFX investments, promising substantial returns generated from forex trading.
During the operations, the ED seized over Rs 90 lakh in cash from one of the agents’ premises and found numerous incriminating documents and digital devices.
