New Delhi [India], February 14 (HBTV): The Enforcement Directorate (ED) has frozen movable properties in the form of more than 30 bank accounts holding INR 170 crore, linked to shell companies, following a raid conducted two days ago in Delhi, Uttar Pradesh, and Haryana in connection with a case involving QFX Trade Ltd, the agency said on Thursday.

The action was taken after the ED's Chandigarh Zonal Office conducted search operations on February 11 under the Prevention of Money Laundering Act (PMLA), 2002, at various locations in Delhi, Noida, Rohtak (Haryana), and Shamli (Uttar Pradesh). The raids were part of an ongoing investigation into QFX Trade Ltd and its associates, who were allegedly running a multi-level marketing (MLM) scheme under the guise of forex trading. The scheme was operated by the company’s directors—Raiender Sood, Vineet Kumar, and Santosh Kumar—along with one of the masterminds, Nawab Ali alias Lavish Chaudhary.

The ED initiated the investigation based on multiple FIRs registered by Himachal Pradesh Police against QFX Trade Ltd, which had defrauded numerous investors through a fraudulent forex trading scheme.

‘QFX company and its directors were running an unregulated deposit scheme, promising high returns on investments to investors,’ said the ED.

‘The agents of the QFX group of companies ran an MLM scheme under the name of the QFX investment plan, wherein they created websites, apps, and social media ads to attract investors, promising a high rate of return in the name of forex trading.’

According to the agency, the company’s directors and various agents working on commission for QFX and YFX conspired to run an unregulated deposit scheme, luring investors with a promised return of 5 per cent per month.

During the investigation, the ED discovered that after an FIR was registered against QFX Trade Ltd and its directors by Himachal Pradesh Police, the company changed its name to YFX (Yorker Ex) while continuing the same fraudulent operations. Additionally, more fraudulent investment schemes controlled by Nawab Ali alias Lavish Chaudhary—such as BotBro, TLC Coin, and Yorker FX—were also being promoted as forex trading apps and websites.

‘Various events are being organised in India and Dubai to lure more customers,’ the ED stated.

The ED’s investigation further revealed that multiple bank accounts belonging to Rax Box Private Limited, Capter Money Solutions Private Limited, and Tiger Digital Services Private Limited were being used to collect funds from investors.

The searches conducted at the offices and premises of these companies' directors revealed that these shell companies were used by the masterminds of the QFX and YFX schemes to receive public deposits for investment, falsely claiming that high returns were being generated from forex trading.

During the search operations, movable properties in the form of more than 30 bank accounts containing INR 170 crore were frozen, as the company’s directors could not explain the source of funds.

‘Searches were also conducted at the premises of some agents of QFX and YFX. A cash amount of more than INR 90 lakh was seized from one of the locations. Various incriminating documents and digital devices have also been recovered and seized during the search operation,’ the ED added.

(ANI)