The Enforcement Directorate (ED) has struck a major blow against alleged crypto fraudster Lavish Choudhary, seizing assets worth over ₹400 crore linked to him and his associates. Investigators believe the true scale of the fraud could exceed ₹50,000 crore, making it one of India’s largest financial scams in recent years.
A Web of Fraud: Forex, Crypto and False Promises
According to ED officials, Choudhary and his network lured thousands of unsuspecting investors by promoting fake forex and cryptocurrency investment platforms such as QFX, YQFX, YorkFX, and Botron. These schemes promised monthly returns of 5–6 percent, creating the illusion of stability and credibility.
Behind the scenes, however, funds were siphoned through shell companies and hawala networks to offshore destinations. The fraudulent ecosystem used layering techniques, forged accounts, and dummy trusts to obscure the money trail.
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International Reach: Dubai at the Center
The investigation has revealed that Choudhary’s empire was not limited to India. Over the past few years, he allegedly organized large-scale investment seminars in Dubai, Thailand, and Singapore, attracting not just ordinary investors but also businessmen and officials.
ED sources say they have compiled lists of participants at these foreign events, many of whom are now being summoned for questioning. A senior official noted, “This is not just a financial crime; it is an organized international network that relied on hawala channels and offshore structures to funnel Indian money abroad.”
Expanding Probe: Bank Accounts, Real Estate, and Frozen Assets
The ED has so far identified properties linked to Choudhary in Uttar Pradesh, Punjab, Haryana, and Himachal Pradesh. Assets worth ₹394 crore across 194 bank accounts have already been frozen.
The case first gained momentum on February 11, when a newspaper expose brought the scam into the spotlight. Since then, investigators have expanded the probe across multiple states, tracing how the scheme evolved from an initial ₹1,500 crore fraud into a nationwide racket.
Financial crime experts warn that India’s weak regulatory framework around forex and crypto trading continues to leave millions vulnerable.
Professor Triveni Singh, former IPS officer and cybercrime expert, emphasized: “Crypto and forex platforms are becoming prime vehicles for money laundering and investment fraud. Until India establishes clear, transparent regulation in this sector, scams like these will keep flourishing.”
The Road Ahead: Investor Losses and Legal Battles
With ED preparing to extend its crackdown to Choudhary’s assets in Dubai, questions remain over how and when the thousands of investors who lost their life savings will see justice. Many victims, still in denial, hope their money will be returned, but the scale of the fraud suggests a long and uncertain road ahead.
The Lavish Choudhary case underscores a harsh reality: India’s booming appetite for quick profits through crypto and forex has become fertile ground for transnational fraud networks. For victims, however, the glitter of promised wealth has turned into financial ruin.