Scam in the name of Forex Trading

The Enforcement Directorate exposed a scam of Rs. 170 crores that was going on in the name of forex trading. The ED revealed that big names like Lavish Chaudhary, the creator of the AI-based trading broker BOTBRO, are also involved in this scam. The ED in India is responsible for investigating and prosecuting money laundering and FEMA violations targeting illegal foreign exchange and financial crimes.

Lavish Chaudhry & QFX Trade Involvement

The authority began an investigation after the Himachal police received many complaints against a broker called QFX Trade. The culprits were directors of different companies named Rajendra Sood, Vineet Kumar, Santosh Kumar, and the main conspirator, Nawab Ali alias Lavish Chaudhary, who were luring people with monthly returns of 5% to 15% and defrauding them. When the people reported about this scam to the police. The culprits changed the name of the scheme and continued to defraud people.

ED froze 30 bank accounts.

The ED began its investigation on February 11, 2024, across four cities: Delhi, Noida, Rohtak, and Uttar Pradesh. The team froze over 30 bank accounts, seizing Rs. 17 crore. Additionally, they confiscated Rs. 90 lakh in cash, along with documents and digital devices, all of which have now been seized.

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