ED Gets 9 Days’ Custody of UP Agent in QFX Multi-State Forex Ponzi Probe
Investigators allege he built a 10,000-strong network that funneled deposits to Dubai via payment aggregators, USDT.
Overview
- Uttar Pradesh-based agent Navab Hassan was arrested under the PMLA by the ED’s Chandigarh unit for allegedly mobilising deposits in the QFX/YFX/BotBro/BotAlpha/Crossalpha/Minecrypto scheme.
- Hassan told investigators no real forex trading occurred, investor dashboards showed notional balances, and new collections serviced earlier payouts.
- He operated as a senior field leader ranked “Blue Diamond Executive,” coordinated with Dubai-based Lavish Chaudhary (alias Nawab), travelled frequently to the UAE, and joined Zoom calls to woo investors.
- Financial actions to date include freezing about Rs 391 crore across 185 bank accounts, attaching 45 properties valued at Rs 9.49 crore, and recovering Rs 94.23 lakh from his Shamli residence.
- The case stems from FIRs across Himachal Pradesh, Madhya Pradesh, Haryana, Uttar Pradesh and Assam, and follows the September 17 arrest of top agent Harinder Pal Singh who identified Hassan as a leading operative in western UP.