- विज्ञापन -
New Delhi: The Enforcement Directorate (ED) has frozen over 30 bank accounts linked to certain shell companies, totaling around Rs 170 crore. This action follows a raid conducted on February 11 across Delhi, Uttar Pradesh, and Haryana in connection with the case involving QFX Trade Ltd, according to the agency’s announcement on Thursday.
The raids were part of an ongoing investigation into QFX Trade Ltd and its directors—Raiender Sood, Vineet Kumar, and Santosh Kumar—who, along with alleged mastermind Nawab Ali, also known as Lavish Chaudhary, were implicated in operating a multi-level marketing (MLM) scheme disguised as forex trading. The ED’s inquiry started after multiple FIRs were filed by the Himachal Pradesh Police against QFX, which allegedly defrauded numerous investors via a fraudulent forex trading scheme.
According to the ED, the QFX company and its directors were running an unregulated deposit scheme, luring investors with promises of high returns. The agents of the QFX group promoted the investment scheme under the “QFX Investment Plan,” using websites, apps, and social media ads to attract investors by promising substantial returns from forex trading.
The investigation disclosed that after the FIR against QFX Trade Ltd was filed, the scheme’s name was changed to YFX (Yorker Ex), but it continued to operate with the same fraudulent tactics, targeting unsuspecting investors. Furthermore, Nawab Ali is reported to be controlling several other fraudulent schemes, such as BotBro, TLC Coin, and Yorker FX, which were also marketed as forex trading platforms.
The ED noted that several companies, including Rax Box Private Limited, Capter Money Solutions Private Limited, and Tiger Digital Services Private Limited, were used to collect funds from investors. Searches of the directors’ offices and premises suggested that these shell companies were employed to receive public deposits for investments in QFX and YFX, claiming high returns purportedly from forex trading.
During the search operations, the ED froze the accounts of these shell companies and found that the directors could not account for the origins of the funds. Additionally, cash exceeding Rs 90 lakh was confiscated from one of the agents, along with various incriminating documents and digital devices.
