ED seizes ₹170 crore worth bank deposits in probe against ‘fraud’ forex trading platform
The Hindu
Enforcement Directorate freezes ₹170 crore in bank deposits linked to fraudulent forex trading scheme, seizing cash and investigating multiple companies.
The Enforcement Directorate on Thursday (February 13, 2025) said it has frozen bank deposits worth ₹170 crore following recent searches against promoters of an alleged fraudulent forex trading and deposit scheme.
The federal agency said in a statement that raids were launched on February 11 at various premises in Delhi, Noida and Shamli in Uttar Pradesh and Rohtak in Haryana as part of a probe against QFX Trade Limited and its directors named Rajendra Sood, Vineet Kumar and Santosh Kumar apart from one of the “mastermind” Nawab Ali alias Lavish Chaudhary.
The money laundering probe stems from multiple FIRs filed by the Himachal Pradesh Police against QFX company that is alleged to have cheated many investors through a “fraud” forex trading scheme.
QFX company and its directors were running an “unregulated” deposit scheme, promising high returns on investments to the investors, the ED alleged.
The agents of QFX group of companies ran a MLM (multi-level marketing) scheme under the name of QFX investment plan and created websites, apps and social media ads etc. to attract investors promising higher rate of return in the name of forex trading, as per the agency.
After the police FIRs were filed, the ED found, the name of the QFX scheme was changed to YFX (Yorker Fx) with same modus operandi “duping innocent investors by luring high rate of returns under the guise of forex trading.”
“In addition to QFX more fraudulent investment schemes are being run and controlled by Nawab Ali alias Lavish Chaudhary such as BotBro, TLC Coin, Yorker FX projecting them as forex trading apps/websites,” it said.
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