: The Enforcement Directorate (ED) on Wednesday launched a massive crackdown on a multi-crore money laundering network linked to absconding forex trading mastermind Lavish Chaudhary, tightening the noose around his associates in western Uttar Pradesh.
The operation began at 6 a.m. in Nara village, under the Mansurpur police station limits of Muzaffarnagar district, where ED officials—assisted by paramilitary forces—conducted simultaneous raids at the residences of three of Chaudhary’s close aides. The searches continued for hours during which officials seized ₹94 lakh in cash, crucial bank records, documents, and digital devices believed to hold evidence of money laundering and fraud.
According to officials, Chaudhary, originally from Ghasipura village in Muzaffarnagar, is the main accused in a ₹210-crore forex trading scam that duped thousands of investors across India. He operated under the alias Nawab Ali and floated companies such as QFX Trade Ltd, promising 5–6% monthly returns to investors. The fraudulent schemes lured people from diverse backgrounds—farmers, traders, and middle-class families—who invested their life savings in the hope of quick profits.
After an FIR was filed against QFX, Chaudhary changed the company’s name multiple times to evade detection, launching new ventures including YFX, BotBro, TLC Coin, and Yorker FX. His operations extended across West Uttar Pradesh, Haryana, and Himachal Pradesh.
Investigators revealed that Chaudhary fled to Dubai, from where he continues to direct his agents through calls. He reportedly uses lavish weddings and social gatherings in the UAE to lure potential investors and agents. The Interpol has now issued a lookout circular against him to restrict his movements and prevent his re-entry into India.
Raid in Feb
Earlier, in February 2025, the ED’s Chandigarh zonal unit had raided multiple locations in Delhi, Noida, Shamli, and Rohtak, freezing ₹170 crore in bank deposits linked to the scam. The ongoing Muzaffarnagar raids are part of the agency’s expanded probe under the Prevention of Money Laundering Act (PMLA).
About the scam
The Reserve Bank of India (RBI) has blacklisted 13 forex trading platforms, including QFX, for regulatory violations and investor fraud.
The scam’s victims include hundreds of residents from villages like Sujdu and Mansurpur in Western Uttar Pradesh. One farmer told investigators, “Our savings are gone. Families are destroyed. We trusted the company because it seemed legitimate.”
Sources in the ED said the agency is now scrutinizing the financial trail of 25 other agents associated with Chaudhary’s network. Preliminary findings suggest the laundered money was routed through shell companies, with some funds diverted abroad to finance Chaudhary’s luxurious lifestyle in Dubai.
The ED has also begun examining passport and visa records linked to him and his close associates, suspecting strong international financial connections behind the fraud.
Officials described the case as one of the largest forex-related money laundering rackets uncovered in recent years, with implications extending across India and the UAE.
“Lavish Chaudhary built an empire on deceit and false promises. Our teams are working to trace every rupee siphoned through his network,” an ED officer said.
With the raids in Muzaffarnagar revealing new leads and additional agents under scrutiny, the ED’s hunt for Lavish Chaudhary continues to intensify across borders.
