
New Delhi: The Enforcement Directorate (ED) has conducted searches in Delhi, Noida, Rohtak and Shamli against forex trader QFX and seized Rs 170 crore in its bank accounts. QFX is accused of defrauding several investors through a fraudulent forex trading scheme.
According to the agency, QFX agents ran a multi-level marketing scheme, wherein they promised higher rates of return to people for forex trading. They promoted the scheme through websites and apps, and social media ads. ED has accused the directors of QFX and its agents of criminal conspiracy in running an unregulated deposit scheme to lure people to invest in the scheme with 5% return per month. The agency’s case is based on an FIR registered by the Himachal Pradesh Police against QFX, after which the company changed its name to YFX. The accused then ran investment schemes such as BotBro, TLC Coin and Yorker FX, projecting them as forex trading apps/websites. “Various events were organized in India and Dubai to lure customers,” ED said.
“During the searches, more than 30 bank accounts with deposits of Rs 170 crore were frozen as directors of the company could not explain the source of funds,” it said. Searches were also conducted on some QFX/YFX agents. The bank accounts were in the name of several shell companies created by the accused. The agency also seized Rs 90 lakh cash from one of the agents, besides documents and digital devices related to the money laundering case.
The accused floated several shell entities, including NPay Box Pvt Ltd, Capter Money Solutions and Tiger Digital Services, for collection of funds from investors. Searches were conducted on the office and premises of these companies.