New Delhi, February 13, 2025: The Enforcement Directorate (ED) has frozen movable properties worth ₹170 crore, including balances in over 30 bank accounts linked to shell companies, in connection with a massive forex trading scam operated by QFX Trade Ltd. The crackdown follows raids conducted on February 11 under the Prevention of Money Laundering Act (PMLA), 2002, in Delhi, Noida, Rohtak (Haryana), and Shamli (Uttar Pradesh). The scam, orchestrated through multi-level marketing (MLM) tactics, involved directors Raiender Sood, Vineet Kumar, Santosh Kumar, and Nawab Ali alias Lavish Chaudhary, who promised investors high returns on forex trading.
The investigation revealed that QFX Trade Ltd was operating a Ponzi scheme disguised as a forex trading platform, attracting investors through social media ads and MLM strategies while offering a guaranteed 5% monthly return. After facing legal action, the company rebranded itself as YFX (Yorker Ex) but continued its fraudulent operations. Authorities discovered that multiple shell companies, including Rax Box Pvt Ltd, Capter Money Solutions Pvt Ltd, and Tiger Digital Services Pvt Ltd, were being used to collect investor deposits without any legitimate business activities.
During the raids, the ED froze over ₹170 crore in accounts that the directors failed to justify and seized ₹90 lakh in cash along with incriminating digital evidence. Investigators also uncovered that the masterminds, including Lavish Chaudhary, were conducting promotional events in India and Dubai under fraudulent investment schemes such as BotBro, TLC Coin, and Yorker FX.
The ED is continuing to trace additional assets linked to the scam while identifying more agents involved. With the ongoing investigation, further seizures and arrests are expected as authorities work to recover investors’ funds and dismantle the fraudulent forex trading network.
ED Freezes ₹170 Crore in Shell Company Accounts Linked to QFX Trade Ltd Forex Scam
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