₹170 Crores Frozen, ₹90 Lakhs Cash Seized in ED Crackdown on QFX

New Delhi (The Uttam Hindu): The Enforcement Directorate (ED) has seized ₹170 crore deposited in 30 bank accounts in connection with a money laundering case linked to a fraudulent forex trading and deposit scheme. The action comes as part of an investigation against QFX Trade Ltd. and its directors Rajendra Sood, Vineet Kumar, Santosh Kumar and mastermind Nawab Ali alias Lavish Chaudhary.

On Tuesday, ED conducted raids at multiple locations in Delhi, Noida, Shamli (UP) and Rohtak (Haryana), seizing ₹90 lakh in cash along with incriminating documents and digital devices. The probe is based on multiple FIRs filed in Himachal Pradesh against QFX for allegedly duping investors with a fake foreign exchange trading scheme.

Fraudulent Scheme and Name Change

Investigations revealed that after an FIR was lodged, the QFX scheme was renamed to YFX (Yorker FX) to continue defrauding investors. Nawab Ali was also found to be running other fraudulent investment schemes like Botbro and TLC Coin.

International Links and Money Flow

ED found that QFX organized promotional events in India and Dubai to lure investors. Companies like Enpay Box Pvt. Ltd., Captor Money Solutions Pvt. Ltd. and Tiger Digital Services Pvt. Ltd. were used to funnel money into various bank accounts.

Enforcement Action

According to ED, the Chandigarh Zonal Office carried out the raids under the Prevention of Money Laundering Act (PMLA), 2002. Along with seizing ₹170 crore, ED confiscated several documents and digital evidence pointing to further financial irregularities.

The investigation is ongoing, and authorities are expected to take further action against the accused and their fraudulent network.