Chandigarh, Sept 26 – The Enforcement Directorate (ED) has arrested Uttar Pradesh-based agent Navab Hassan for his alleged role in a multi-state pyramid scam run through platforms like QFX, YFX, BotBro, BotAlpha, Crossalpha and Minecrypto.
The Chandigarh Zonal Office of ED confirmed that Hassan was arrested on September 25 under the Prevention of Money Laundering Act (PMLA), 2002. A court has granted the agency nine days of custody.
According to ED, Hassan misled thousands of people by luring them with promises of monthly returns of 5–6% through “AI-bot based forex trading.”
Instead, deposits were laundered using payment aggregators and routed through virtual currencies like USDT.
Once funds were collected, investor IDs were deleted, payouts stopped, and the money was allegedly diverted to Dubai for property purchases and luxury spending.
Investigators said Hassan operated as a “Blue Diamond Executive,” managing over 10,000 investors under him.
He coordinated directly with Dubai-based mastermind Lavish Chaudhary, alias Nawab, and his aides. Hassan frequently travelled to the UAE and even joined Zoom calls with Chaudhary to boost investor confidence.
A raid on his Shamli residence earlier led to the recovery of ₹94.23 lakh in alleged scam proceeds.
“No real forex trading ever took place. Dashboards only showed fake balances while fresh investments were used to pay old investors,” Hassan admitted during questioning, ED said.
The arrest follows a wider crackdown. On September 17, top agent Harinder Pal Singh was also taken into custody.
Singh later identified Hassan as the leading operator in western UP. In August, ED had provisionally attached 45 immovable properties worth ₹9.49 crore belonging to the accused and their families.
Earlier searches this year unearthed 185 bank accounts containing around ₹391 crore linked to shell entities including QFX Trade Ltd, Npay Box Pvt Ltd, Rainet Technology Pvt Ltd, and others.
Officials said the fresh arrest is part of ED’s continuing effort to trace the money trail, identify beneficiaries in India and abroad, and prevent further laundering of scam proceeds.
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