The Enforcement Directorate (ED) has frozen bank deposits worth Rs 170 crore in connection with an alleged fraudulent forex trading and deposit scheme. The money laundering probe is based on multiple FIRs filed by Himachal Pradesh Police alleging that QFX Trade Ltd defrauded investors. The ED conducted searches this week at various locations in Delhi, Noida, Shamli (Uttar Pradesh), and Rohtak (Haryana) According to the ED, QFX company and its directors operated an “unregulated” deposit scheme, luring investors with promises of high returns. The investigation revealed that multiple bank accounts belonging to NPay Box Private Limited, Capter Money Solutions Private Limited and Tiger Digital Services Private Limited were being used for the “collection of funds” from investors, the agency said. The agency alleged that these were “shell” or dummy companies “used” by the masterminds of the QFX/YFX scheme to receive public deposits.
