The Enforcement Directorate (ED) has freezed a total of Rs 170 crore in more than 30 bank accounts after a recent raid on the promoters of a fraudulent foreign exchange trading and deposit scheme, because the company’s director’s director disclosure the source of money. Could not do it
The ED said in a statement on Thursday that on February 11, Delhi, Noida, Shamli and under investigation against QFX Trade Limited and its directors-Rajendra Sood, Vineet Kumar and Santosh Kumar as well as Mastermind Nawab Ali alias Louis Chaudhary and Raids were conducted at various places in Rohtak. Several FIRs have been lodged in Himachal Pradesh, alleging that the QFX company has cheated several investors through a fake Foreign Exchange Trade Scheme, after which the ED has started an investigation into money laundering in the case. A cash of Rs 90 lakh found in a raid on an agent of the company has been seized separately. According to the ED, the QFX company and its directors were running an irregular deposit scheme, in which investors were guaranteed high returns on investment. On the other hand, the agent of QFX Group of Companies was running a multi-level marketing scheme called QFX Investment Plan and was creating a website, app and social media advertisements to attract investors by promising high returns in the name of foreign exchange trading. . Following police complaints, the QFX scheme was renamed as YFX (Yorker FX) and the functioning of cheating investors continued unabated. Nawab Ali also launched other investment schemes like Botbro and TLC Coin, which he introduced as Forex trading app/website. Various programs were also organized in India and Dubai to attract more and more customers. Investors were offered 15 percent returns on a standard account of $ 100 to $ 499, 15 percent return in classic account from $ 500 to $ 1,999 and 50 percent returns on investment of more than $ 2,000 in premium account.
