ED Freezes Rs 170 Crore in Forex Trading Scam

The Enforcement Directorate (ED) has frozen bank deposits worth Rs 170 crore in a probe against QFX Trade Ltd and its directors for allegedly running a fraudulent forex trading scheme. The agency conducted raids on February 11 across Delhi, Noida, Shamli, and Rohtak. The scam, which promised high returns on investments, operated under multiple names including QFX and YFX. Mastermind Nawab Ali, alias Lavish Chaudhary, is accused of running additional fraudulent schemes such as BotBro and TLC Coin. The ED seized Rs 90 lakh in cash from an agent and froze funds in about 30 bank accounts of shell companies used for collecting investor deposits.

Source: PTI