ED Raid in Shamli: Muzaffarnagar Crypto Scam Exposed, RBI Blacklisted Company

ED Raid in Shamli: The Enforcement Directorate (ED) raided the residence of an agent associated with NRI Lavish Chaudhary, a Muzaffarnagar native, in Shamli. The agent was allegedly involved in a crypto investment scam, promising people double returns and defrauding them of crores of rupees. The RBI had blacklisted the company linked to the scam.

ED Raids Shamli Residence in Crypto Scam Investigation

The ED team from Chandigarh conducted a high-profile raid on a trading company agent’s residence in Shamli’s Salek Vihar locality. The operation led to the seizure of ₹94 lakh in cash, and the suspect was questioned for over 12 hours. The agency had paramilitary forces deployed outside the house, creating panic among investors who had put their money into the scheme.

What is the Alleged Crypto Scam?

The accused, Lavish Chaudhary alias Nawab, is based in Dubai and reportedly collected crores from investors by luring them with high returns.
The QFX company, linked to this scam, had already been blacklisted by the RBI.
The accused reportedly posted pictures with Bollywood actors and sports personalities to gain credibility and attract more investors.
The company was first registered in Chandigarh in 2021 and was allegedly used for Forex trading scams across Himachal Pradesh, Punjab, Haryana, Gujarat, and Goa.

Investigation Details & ED's Findings

The ED team seized a three-story house, conducted intensive searches, and examined four vehicles parked nearby.
The suspect Nawab had rented the two floors of the house for the past two years.
Over 10,000 people were allegedly trapped in this investment fraud.
The Shamli, Baghpat, Muzaffarnagar, Meerut, and Saharanpur regions are under investigation, with 25 individuals on the ED’s radar.

What’s Next in the Investigation?

According to Shamli SP Sevak Ram Gautam, the ED team did not coordinate with local police during the raid. Sources suggest that further updates will be provided by ED’s Chandigarh office.

Authorities have warned investors to stay away from unregistered forex and crypto trading companies. Meanwhile, ED has initiated an investigation into another firm, TLC, which is suspected of operating a similar scam.