Chandigarh, Feb 13 (NationPress) The Enforcement Directorate (ED) from the Chandigarh zone has initiated search operations under the Prevention of Money Laundering Act (PMLA), 2002, targeting various sites in Delhi, Rohtak in Haryana, Noida, and Shamli in Uttar Pradesh. This is part of an ongoing inquiry related to QFX Trade Ltd and similar entities, which have been operating a multi-level marketing scheme disguised as forex trading.

The company's directors include Rajender Sood, Vineet Kumar, and Santosh Kumar, alongside one of the primary suspects, Nawab Ali, also known as Lavish Chaudhary.

The ED's investigation was triggered by numerous FIRs filed by the Himachal Pradesh Police against QFX Company, accused of swindling investors through a deceitful forex trading scheme.

The QFX Company and its directors were involved in an unregulated deposit scheme, offering misleadingly high returns to investors. Agents associated with the QFX group promoted the QFX investment plan using websites, applications, and social media advertisements, enticing potential investors with promises of substantial returns under the guise of forex trading.

The directors of the company and various agents conspired to operate an unregulated deposit scheme, leading individuals to invest with the allure of a five percent monthly return on their investments.

On Thursday, officials reported that the QFX scheme had been rebranded as YFX (Yorker Fx) following the FIRs lodged by the Himachal Police against QFX Trade Ltd and its directors. The method remained consistent: deceiving unsuspecting investors by promising high returns under the pretense of forex trading.

In addition to QFX, numerous other fraudulent investment schemes were identified, managed by Nawab Ali, including BotBro, TLC Coin, and Yorker FX, all marketed as forex trading applications and websites. Various promotional events were organized across India and Dubai to attract more customers.

The ED's inquiry uncovered that several bank accounts belonging to NPay Box Private Ltd, Capter Money Solutions Private Ltd, and Tiger Digital Services Private Ltd were utilized for collecting funds from investors.

Searches were executed at the offices and residences of the directors of these companies, revealing that these shell companies were being exploited by the masterminds behind the QFX/YFX scheme to collect deposits from the public, falsely claiming that returns were derived from forex trading.

During the search operations, assets worth over Rs 170 crore were frozen from more than 30 bank accounts belonging to these shell entities, as the directors failed to clarify the origins of the funds.

Investigators also targeted several agents connected to QFX/YFX, seizing over Rs 90 lakh in cash from one agent's premises. Numerous incriminating documents and digital devices were confiscated during these operations. Further investigations are ongoing, according to the ED's statement.