Overview

• Investigators say Navab Hassan led a large field network, ranked as a Blue Diamond Executive, and built more than 10,000 investors under him.
• The ED alleges he coordinated with Dubai-based mastermind Lavish Chaudhary, traveled frequently to the UAE, and joined Zoom calls to reassure recruits.
• According to the agency, no real forex trading occurred as dashboards showed notional balances, investor IDs were later deleted, and new inflows serviced pending payouts.
• Funds were collected through payment aggregators and later in USDT before diversion to the UAE for properties and luxury spending, the probe states.
• The case stems from FIRs in five states, with earlier actions including Rs 391 crore frozen across 185 bank accounts and a provisional attachment of 45 properties worth Rs 9.49 crore, while a top agent arrested on September 17 identified Hassan.