Bhopal (Madhya Pradesh): The Delhi unit of Enforcement Directorate (ED) arrested Nawab Hasan, agent of Lavish Chaudhary, mastermind behind a Rs 3,200 crore investment fraud, officials said. Hasan is part of a large investment scam involving schemes such as Botbro, BotAlpha, QFX, YFX and Mine Crypto, which promised investors 5 to 6 percent monthly returns, but never paid out.
At Lavish’s behest, Hasan lured innocent people to invest online in these schemes. MP Special Task Force (STF) AIG Naveen Choudhary said MP STF has sought information about two arrested agents from ED and issued a lookout circular against Lavish. So far, STF has registered FIRs and arrested 11 associates linked to Lavish.
Action against the gang was taken based on FIRs filed by police in Himachal Pradesh, Haryana, Uttar Pradesh and Assam. Following ED’s arrests, MP STF wrote to ED requesting details about the accused and key case points.
Lavish in Dubai
MP-STF and ED investigations revealed Lavish Chaudhary, alias Nawab, is currently hiding in Dubai, operating under multiple aliases. Proceeds from the Rs 3,200 crore fraud have been spent on properties and hobbies across Dubai, Sharjah and Abu Dhabi.
Rs 641cr frozen in crackdown
Last week, ED arrested another agent, Harinder Pal Singh, whose information led to Nawab Hasan’s detention. Earlier this year, ED raided Lavish’s locations, uncovered 185 shell companies and froze Rs 391 crore in bank accounts. Meanwhile, MP-STF uncovered transactions worth Rs 3,200 crore across various gang accounts and froze Rs 250 crore.
