Indian authorities have seized $19.5 million from QFX Trade scammers.

The Times of India reports QFX Trade was a forex ruse Ponzi operating as BotBro, TLC Coin (not related to Total Life Changes) and Yorker FX.

Agents of the QFX group of companies ran an MLM scheme under the QFX investment plan, using websites, apps, and social media advertisements to attract investors with the promise of the higher returns through forex trading.

As part of an ongoing investigation, the Enforcement Directorate “has frozen bank deposits worth Rs 170 crore” (~$19.5 million USD).

The investigation reavealed that multiple bank accounts belonging to NPay Box Private Limited, Capter Money Solutions Private Limited, and Tiger Digital Services Private Limited were being used for the “collection of funds” from investors.

Suspects under investigation are Rajendra Sood, Vineet Kumar, Santosh Kumar and QFX Trade founder and CEO Nawab Ali, aka Lavish Chaudhary.

Perhaps not surprisingly, QFX Trade marketing events were held in both India and Dubai. Whether Nawab Ali is still in India is unclear.