The Enforcement Directorate (ED) of Chandigarh Zone (ED) has run a multi-level marketing scheme under the guise of Forex Trading QFX Trade Limited and others under the ongoing investigation in case of Delhi, Rohtak in Haryana, Noida and Shamli in Delhi, Haryana, Noida and Shamli A search operation has been conducted under the Prevention of Money Laundering Act (PMLA) 2002. Their directors are Rajendra Sood, Vineet Kumar and Santosh Kumar and the mastermind Nawab Ali alias Lavish Chaudhary. The ED launched an investigation on several FIRs lodged by the Himachal Pradesh Police against the QFX company, which cheated many investors through fake Forex Trading Scheme.
The QFX company and its directors were running an irregular deposit scheme promising high returns on investment to investors. Agents of QFX Group companies launched an MLM scheme in the name of QFX Investment Scheme, in which they created websites, apps, social media advertisements to attract investors in the name of forex trading.
The company’s directors and various agents working on the commission of QFX and YFX hatched a conspiracy and launched an irregular deposit scheme to woo people to invest in investment scheme, in which five percent returns per month on investment made by investors Will be given.
Officials said on Thursday that investigation has revealed that the QFX scheme was renamed YFX (Yorker FX) after the Himachal Police registered an FIR against QFX Trade Limited and its directors. The functioning was like cheating innocent investors by luring high -rate returns under the guise of forex trading.
Apart from QFX, even more fraudulent investment schemes such as Botbro, TLC Coin and Yorker FX were being run and controlled by Nawab Ali, which were being introduced as the Forex Trading App and website. Many programs were being organized in India and Dubai to woo more customers.
The ED investigation further revealed that several bank accounts of NP Box Private Limited, Captain Money Solutions Private Limited and Tiger Digital Services Private Limited were being used to collect funds from investors.
Searches were conducted on the offices and campuses of the directors of these companies, which revealed that these shell companies were being used by the mastermind of the QFX/YFX scheme to get deposits from the public for investment in QFX/YFX, including high Return was claimed that the return arises from forex trading.
During the search operation, moving assets worth Rs 170 crore deposited in more than 30 bank accounts of these fake companies were confiscated, as the company’s director could not tell about the source of money.
Some agents of QFX/YFX were also searched here. Cash worth more than Rs 90 lakh was seized from the premises of an agent. Several objectionable documents and digital devices were recovered during the search operation and they were seized. The ED’s statement said that further investigation is on.