New Delhi, February 13
Directorate of Enforcement (ED), Chandigarh has conducted search operations under the Prevention of Money Laundering Act (PMLA), 2002 at various locations in Delhi, Noida, Rohtak and Shamli (UP) as part of an ongoing investigation in the case of QFX Trade Ltd and others, running multi-level marketing scheme (MLM) under the guise of forex trading through their directors Rajender Sood, Vineet Kumar and Santosh Kumar and one of the mastermind Nawab Ali a.k.a. Lavish Chaudhary.
ED initiated investigation on the basis of multiple FIRs registered by Himachal Police against QFX Company
which had defrauded many investors through a fraudulent Forex trading scheme. QFX Company and its Directors were running an unregulated deposit scheme, promising high returns on investments to the investors.
The agents of QFX group of companies ran MLM Scheme under the name of QFX investment plan, wherein
they create websites/ apps / social media ads etc. to attract investors promising higher rate of return in the name of forex trading. The directors of the company and various agents working on commission, of QFX and YFX hatched a conspiracy and ran an unregulated deposit scheme to lure people to invest in the investment scheme with 5% return per month on investment made by investors.
During investigation it was revealed that post FIR against QFX Trade Ltd. and its directors was registered by Himachal Police, 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 a.k.a. Lavish Chaudhary such as BotBro, TLC Coin, Yorker FX projecting them as forex trading apps/websites. Various events are being organized in India and Dubai to lure more customers.
ED investigation further revealed that multiple bank accounts of NPay Box Private Limited, Capter Money Solutions Private Limited and Tiger Digital Services Private Limited are being used for collection of funds from investors. The searches were conducted on the office and premises of Directors of the above companies, which revealed that these shell companies were being used by the masterminds of QFX/YFX scheme for receiving deposits from public for investment in QFX/YFX in the name of giving high returns claiming that returns are generated from forex trading.
During the course of search operations, movable properties in the form of more than 30 bank account balances of these shell companies to the tune of Rs. 170 crore have been frozen as Directors of the company could not explain the source of funds. Searches were also conducted on some of the agents of QFX/YFX. Cash amount of more than Rs. 90 lakh were seized from one of the premises of one of the agents. Various incriminating documents and digital devices have been recovered and seized during the search operation, officials further stated.
