Unraveling the QFX Ponzi Scheme: An Investigation Update
Navab Hassan, accused of defrauding investors in the QFX Ponzi scheme, has been arrested by the Enforcement Directorate. The scheme, promising high returns via AI-bot forex trading, funneled funds through payment aggregators and virtual currencies. This arrest follows that of top agent Harinder Pal Singh.
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The Enforcement Directorate has apprehended Navab Hassan, a key figure in the QFX Ponzi scheme, which deceived numerous investors across several Indian states. After his arrest on Thursday, Hassan was placed under the agency's custody for nine days by a special PMLA court.
Hassan's arrest follows that of Harinder Pal Singh, another significant player identified by the ED as a lead agent operating in western Uttar Pradesh. This case, rooted in multiple FIRs, reveals a sophisticated pyramid scam masquerading as an AI-bot powered forex trading opportunity with promises of monthly returns reaching 6 per cent.
Investigations have uncovered that funds funneled through payment aggregators and virtual currencies were funneled to the UAE for luxury purchases under the guise of legitimate trading. The ED has frozen assets worth Rs 391 crore linked to the accused, as the probe continues to expand.
(With inputs from agencies.)
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