In the raid of ED from the bases of agents running multi-level marketing scheme (MLM) under the guise of Forex trading, more than 30 bank accounts and property worth Rs 170 crore have been seized.
Foreign and Indian documents recovered
96 lakh cash, digital devices, foreign and Indian documents have been recovered from the house of Mastermind Nawab alias Lovish Chaudhary in Shamli. In this case, 500 investors from different states were cheated by the fraud of Rs 210 crore by luring them to double the money in Farax (Forex) Trading in a year.
ED raids on many locations
On Tuesday, the ED raided the bases of the accused in Shamli, Delhi, Noida and Rohtak. The trading company Bot Bro, the QFX trade, has been many reigns during the investigation. The 15 -member team of the ED Chandigarh Regional Office raided the house of the agent who invests in a trading company in Shamli. Accused Rajendra Sood, Vineet Kumar, Santosh Kumar and Nawab were accused of running a multi-level marketing scheme under the guise of foreign exchange trading.
More than 20 agents questioned
More than 20 agents including Nawab have been questioned, including Mobin, Muzaffarnagar, Shamli and Rohtak, Noida, Delhi of Baghpat. However, the names of agents have not been shared by the ED yet. According to senior ED officials, there may be a big arrest in the case soon.
Police expectations increased due to detection of Lavish’s whereabouts
With the action of ED in this case, accused Rajendra Sood, Vineet Kumar and Santosh Sharma will soon be behind bars.
ED demanded investigation and seizure of the assets of the accused
Special Investigation Team (SIT) was formed by the then Superintendent of Police of Mandi, Soumya Sambashivan, the then Superintendent of Police of Mandi. In view of the seriousness of the case, the police also contacted the Enforcement Directorate (ED) and demanded investigation and seizure of the assets of the accused. Now the ED has found the hideout of mastermind Lavish Chaudhary in Shamli. Due to this, the accused may be arrested early.
Rajendra Sood, Vineet Kumar and Santosh Sharma fled to Dubai after the lookout notice was registered against the accused who fled to Dubai. The three were watching the work of trading with Lavish Chaudhary there. Rajendra Sood became the owner of eight companies in one and a half years with the money of investors.
ED took action
Prior to the action of ED, SIT arrested 11 accused from Delhi, Haryana, Punjab and Himachal Pradesh and freeze property worth crores of rupees. A lookout notice was issued against the three accused who fled to Dubai. However, 10 accused in this case have got bail from the State High Court.
