QFX Forex Scam: A Look Muzaffarnagar Boy's Great Grand Forex Scam
In the heart of Muzaffarnagar’s Shamli district, a young man named Lavish Chaudhary went from running a small store to being branded as a “forex trading king.” His company, QFX Trade Ltd., promised ordinary investors a golden opportunity—6–7% fixed monthly returns on forex trading and an additional commission for bringing in new members. The scheme quickly spread across western Uttar Pradesh, Haryana, and Himachal Pradesh, luring thousands into its trap.
At first, people saw money flowing in. Early investors received payouts, which made them believe QFX was real. Teachers, businessmen, farmers, and even women from small towns invested their life savings. The trust multiplied when local promoters—sometimes respected community figures—endorsed the scheme.
But behind the glamorous facade, Chaudhary allegedly ran nothing more than a Ponzi-style scam. When one scheme started collapsing, he simply rebranded it—QFX became YFX, then BotBro, TLC Coin, and Yorker FX. Each new name promised the same “guaranteed profits,” keeping hope alive while money vanished behind shell companies.
By late 2023, complaints piled up. An FIR in Himachal exposed a ₹210 crore fraud, and investigations revealed that over 100 investors in Mandi alone had lost their savings. The Enforcement Directorate (ED) soon stepped in, conducting raids across Delhi, Noida, Shamli, and Rohtak. Over ₹170 crore worth of deposits were frozen across shell companies like NPay Box, Capter Money Solutions, and Tiger Digital Services. Cash worth nearly ₹90 lakh was also seized.
Chaudhary, meanwhile, shifted base to Dubai, continuing to run the network from abroad. According to investigators, the model was simple—use the glamour of forex trading, offer impossible returns, recruit aggressively, and rebrand when trust started to fade. The ED has named multiple directors and associates, while Chaudhary remains the alleged mastermind.
For thousands of victims—ranging from small shopkeepers to middle-class families—the QFX forex dream turned into a nightmare. Many lost their retirement funds, dowry savings, and even money borrowed on loan.
Lessons from the scam are clear: no genuine investment promises fixed monthly profits, recruitment-driven income is a red flag, and any platform frequently rebranding itself is a warning sign. The QFX case reminds India that “easy money” often comes with the highest cost.
