ED Freezes Rs 170 Crore in Forex Fraud Crackdown

The Enforcement Directorate has frozen Rs 170 crore in bank deposits after raids on sites linked to a fraudulent forex trading scheme by QFX Trade Ltd. This crackdown reveals the use of shell companies to lure investors with promises of high returns, and seizes additional cash assets.

The Enforcement Directorate (ED) has taken decisive action by freezing bank deposits worth Rs 170 crore in connection to a fraudulent forex trading and deposit scheme. This follows a series of raids launched on February 11 across various locations in Delhi, Noida, Shamli, and Rohtak.

According to the federal agency, the investigation targets QFX Trade Ltd. and key figures such as Rajendra Sood, Vineet Kumar, Santosh Kumar, and the alleged mastermind Nawab Ali alias Lavish Chaudhary. The scheme reportedly duped numerous investors through unregulated deposit promises and elaborate marketing tactics.

The probe has unveiled that shell companies like NPay Box Private Limited, Capter Money Solutions Private Limited, and Tiger Digital Services Private Limited facilitated fund collections from investors. With assets frozen and further investigative steps underway, authorities continue to dismantle this network of deception.

(With inputs from agencies.)