Indian authorities have seized $19.5 million from QFX Commerce scammers.
The Occasions of India studies QFX Commerce was a foreign exchange ruse Ponzi working as BotBro, TLC Coin (not associated to Whole Life Adjustments) and Yorker FX.
Brokers of the QFX group of corporations ran an MLM scheme underneath the QFX funding plan, utilizing web sites, apps, and social media ads to draw buyers with the promise of the upper returns by foreign currency trading.
As a part of an ongoing investigation, the Enforcement Directorate “has frozen financial institution deposits value Rs 170 crore” (~$19.5 million USD).
The investigation reavealed that a number of financial institution accounts belonging to NPay Field Personal Restricted, Capter Cash Options Personal Restricted, and Tiger Digital Providers Personal Restricted have been getting used for the “assortment of funds” from buyers.
Suspects underneath investigation are Rajendra Sood, Vineet Kumar, Santosh Kumar and QFX Commerce founder and CEO Nawab Ali, aka Lavish Chaudhary.
Maybe not surprisingly, QFX Commerce advertising occasions have been held in each India and Dubai. Whether or not Nawab Ali continues to be in India is unclear.