Mumbai Police Register Case Against Lavish Chaudhary And Firms For ₹11 Crore Forex Fraud
· Free Press Journal
The Mumbai police have registered a case against Lavish Chaudhary alias Nawab Ali and entities including QFX Trade Ltd., Yorker FX, Botbro and Botalpha for allegedly cheating more than 100 investors of nearly Rs11 crore by luring them with promises of a fixed 5 per cent monthly return through forex and cryptocurrency trading schemes.
Complainant Rahul Ghole attended Money Expo at Sahara Star Hotel
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According to the FIR, the complainant, Rahul Harishchandra Ghole, 48, a resident of Hindu Colony in Dadar East, runs a business dealing in imported motorcycle spare parts. In August 2022, Ghole attended the Money Expo organised by Trasol Events Pvt. Ltd. at Sahara Star Hotel in Santacruz, where Chaudhary had set up a stall under the name of QFX Trade Ltd.
Police said Chaudhary allegedly encouraged visitors to invest in forex and crypto trading schemes, assuring investors of a guaranteed monthly return of 5 per cent on their investments. Although several of Ghole’s acquaintances had invested in the scheme, he initially refrained due to personal financial constraints.
Promoted Yorker FX at Jio Centre expo in 2024
The FIR states that Chaudhary continued participating in subsequent Money Expo events, including one held at the Jio Centre in Bandra-Kurla Complex (BKC) in 2023. During another expo at the same venue in August 2024, Chaudhary allegedly promoted Yorker FX and claimed that investors’ funds would be deployed in forex and cryptocurrency trading to generate fixed monthly returns.
Investigators said the repeated presence of Chaudhary at high-profile investment expos, coupled with regular payouts received by some investors, helped build trust among potential clients. When Ghole eventually agreed to invest, he was allegedly provided with a web link to register an account with Yorker FX. A digital wallet application named, Botbro was also activated on his mobile phone.
Ghole invested Rs 55.58 lakh including family funds
Using the login credentials provided to him, Ghole could access the wallet, where investments made in Indian rupees were reflected in US dollars based on prevailing exchange rates. By July 10, 2024, he had invested Rs8 lakh and initially received the promised monthly returns.
Encouraged by the payouts, Ghole later invested a total of Rs55.58 lakh, including funds belonging to his family members. The returns allegedly continued until February 2025, after which the payments stopped.
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When investors sought clarification, they allegedly discovered online that the company had been renamed, Bot-Alpha. During the inquiry, investors also learnt that the Enforcement Directorate (ED) had initiated action against Chaudhary in connection with the operations.
Suspecting fraud, the affected investors approached Mumbai police and lodged a complaint.
Based on the complaint, Matunga police have registered an offence under Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, along with relevant provisions of the Bharatiya Nyaya Sanhita (BNS). Further investigation is underway.
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