Overview
- ED Mumbai Zone II conducted PMLA searches at 10 premises in Ahmedabad and three in Surat linked to Q-Fon directors and related entities.
- The operation aims to secure financial documents and digital records to map fund flows, with forensic examination underway.
- The case stems from a Thane EOW FIR and an ECIR registered by the ED to probe suspected layering through interlinked accounts and shell firms.
- At least 124 investors are reported to have invested over Rs 91 crore after being promised monthly returns of 2% to 10.5% via multiple apps launched between 2020 and 2024.
- No arrests or seizures from the ED searches had been announced at the time of reporting, though Thane EOW earlier arrested accused Parag Ashok Kumar Shah in June.