Staff Reporter
Guwahati: The Directorate of Enforcement (ED) has frozen Proceeds of Crime (POC) to the tune of Rs. 6.04 crore in 72 bank accounts while conducting searches in relation to “TradingFX,” a fraudulent trading app mainly operating in Assam.
ED’s Guwahati Zonal Office conducted search operations at various locations in Guwahati on September 18, 2024, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in the case of a fraudulent trading app called “TradingFX” (www.tradingfx.live). During the search operations, ED has frozen Proceeds of Crime (POC) to the tune of Rs. 6.04 crore in 72 bank accounts. “TradingFX,” majorly operating in Assam, lured thousands of people under the guise of making investments in stocks and currencies with the false promise of huge and fixed returns.
ED initiated an investigation on the basis of an FIR registered by Assam Police under Section 318(4) of Bharat Nyaya Sanhita (BNS), 2023 (section 420 of IPC, 1860) against Finxpert Trading Solutions OPC Pvt. Ltd. and others, which was running the app “TradingFX” and solicited the investments in its HDFC Bank, Yes Bank, and Bandhan Bank Accounts.
The investigation revealed that no trading activity was conducted on this fraudulent app, and the entire scam was operating like an elaborate Ponzi scheme in which the early investors were paid or rewarded out of the investments made by the fresh investors. In order to lure investors, the persons behind the app conducted several seminars all over Assam, mostly in the rural areas.
The ED investigation has also revealed that the POC generated by the collection of public investments has been diverted to various individual accounts connected to one Jitender, the director of the company Finxpert Trading Solutions OPC Pvt. Ltd., his wife, and other bank accounts of his close associates, including Naresh Dahiya, Ranjit Kakoti, Biswajit Konwar, and others. They transferred the money through a complex maze of transactions in order to prevent the money from being identified as criminal proceeds. Sources said further investigation is under progress.
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