QFX Trade scam: ED freezes assets worth Rs 170 crore, secret revealed from Himachal
Shimla, February 13: The Chandigarh Zonal Office of the Enforcement Directorate (ED) has taken major action against QFX Trade Limited and others associated with it by raiding several places in Delhi, Noida, Rohtak and Shamli (UP) under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation revealed that after the Himachal Pradesh Police filed an FIR, the name of QFX was changed to Yoktra FX. Other people associated with this scam in many states including Himachal Pradesh can also be tightened. At present it is not clear at which places in the state the cases were registered. One information has definitely been received that a case was also registered against the QFX company in Kunihar area of ​​​​Solan district.
During the action, the ED froze movable assets worth Rs 170 crore deposited in more than 30 bank accounts. Rs 90 lakh in cash was also seized from the hideout of an agent of QFX/YFX. Apart from this, many objectionable documents and digital equipment have also been recovered in the raid.
In this action of ED, it was found that the directors of QFX Trade Limited, Rajendra Sood, Vineet Kumar and Sanjay Kumar, along with mastermind Nawab Ali alias Lavish Chaudhary, had run a multi-level marketing (MLM) scheme in the name of foreign exchange trading. Himachal Pradesh Police had registered several FIRs against the company, in which there were allegations of cheating investors. Many objectionable documents and digital equipment have also been seized during the search operation.
ED investigation has revealed that several bank accounts of M/s NPA Box Private Limited, M/s Captor Money Solutions Private Limited and M/s Tiger Digital Services Private Limited were being used to collect funds from investors.
How was the fraud being done?
QFX Company was running an unauthorized deposit scheme, in which investors were lured with a monthly 5% return on their investment. The company’s agents were connecting investors by promoting through social media, website and mobile app. Not only this, mastermind Nawab Ali alias Lavish Chaudhary also started new schemes like Botbro, TLC Coin and Yoctra FX. Grand events were organized in Dubai and Qatar to connect more and more people.
ED investigated the bank accounts of companies like NPA Box Private Limited, Money Solutions Private Limited and Tiger Digital Services Private Limited. These companies were formed to collect money from investors. ED’s investigation is still going on and it is expected that more big names may come out in it.
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