Union Minister of State for External Affairs and Gonda MP, Kirti Vardhan Singh on Friday called for swift action in the case of fraud of over Rs 1,000 crore committed from foreign countries against victims in seven Indian states in the name of forex trading.
In an interview via video conferencing, he said due to the suspected network of the main accused in the forex trading scam, Lavish Chaudhary, alias Nawab, who committed fraud in the name of trading in other states as well as in the Devipatan division of Uttar Pradesh, strict investigations will be conducted against those in contact with him and strict action will be taken by the relevant investigative and security agencies.
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The Minister said that the investigating agencies will investigate the source of income of the suspects in this case and where their funds are coming from.
He insisted, “We will get to the bottom of this. When the investigation into this entire matter takes place in Delhi, every fact and every point will be examined.”
Kirti Vardhan Singh firmly stated, “We are investigating this entire matter and will take strict action. We will not allow Gonda to become a hub of fraudsters and robbers.”
Meanwhile, the identity of the person in charge of the Devipatan division has not yet been revealed. It is also unclear where he is from. Only a few names have surfaced so far, leading to speculation.
In fact, several victims filed complaints against the OctaFX platform at the Shivaji Nagar police station in Maharashtra. They alleged that the trading platform had committed a major fraud against investors by promising high returns. Many investors lost their hard-earned money in this fraud.
In this high-profile case, the Enforcement Directorate (ED) took major action in a forex trading scam that defrauded thousands of investors in seven states, including Himachal Pradesh and Uttar Pradesh, and generated billions of rupees in illegal wealth. The ED has arrested Harinder Pal Singh, one of the main agents of this scam, from Chandigarh.
The special PMLA court in Chandigarh remanded the accused to ED custody for nine days. The case was run through online platforms like QFX, YFX, and Botbro. The case is linked to a major investment fraud. The ED initiated the investigation based on several FIRs registered in several states, including Himachal Pradesh and Uttar Pradesh.
The allegations in these cases were that the QFX Group of companies and their agents defrauded thousands of investors of billions of rupees by luring them with the promise of fixed monthly profits.
The investigation revealed that the mastermind of this syndicate is Nawab, also known as Lavish Chaudhary, who currently operates his network from Dubai. This gang raised crores of rupees from across the country by promising 5 to 6 percent monthly returns and defrauded investors through illegal deposit schemes.
The ED investigation also revealed that a large network of agents was established in India to raise funds. The funds were routed through numerous shell companies and payment gateways to conceal the true identity of the funds.
Furthermore, to continuously mislead investors, the platforms were changed every few months to trap more people.
According to the ED, Harinder Pal Singh was the head of the “Singh Brothers Team” and He was a key link between the agent network in India and the masterminds based in Dubai.
The ED has arrested him because of his active role. Previously, the ED conducted raids across the country on February 11, 2025, and July 4, 2025, under Section 17 of the PMLA. In these operations, approximately ₹400 crore worth of black money has been seized and attached.
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