By Rohit - Feb 13, 2025 05:20 PM
A Dubai-based venture capitalist and owner of an Abu Dhabi T10 cricket team has been identified as the alleged mastermind behind a massive investment fraud in India, estimated to be worth between Rs 500 and Rs 600 crore. The individual, Lavish Choudhary, also known as ‘Navab’, is suspected of orchestrating a multi-level marketing scheme that lured investors with promises of exorbitant returns.
The alleged fraud, which surfaced in 2023, initially came to light through investigations by the Himachal Pradesh Police. Choudhary's scheme, known as "Botbro," purported to utilize artificial intelligence (AI) powered robots for forex trading. Investors were enticed with the prospect of approximately 5 percent monthly returns on their investments, a figure far exceeding conventional market gains.
The Enforcement Directorate (ED) has launched its own investigation under the Prevention of Money Laundering Act, conducting raids across multiple locations in Delhi, Noida, Rohtak, and Shamli. These raids targeted premises linked to shell companies whose accounts were allegedly used to receive investor funds. The ED has so far frozen approximately Rs 170 crore spread across nearly 30 bank accounts linked to these shell entities. These accounts, often associated with companies like NPay Box Private Limited, Capter Money Solutions Private Limited, and Tiger Digital Services Private Limited, are suspected of being used as "surrogate" accounts to obscure the trail of funds.
The investigation began after the Himachal Pradesh Police uncovered a similar investment scheme run by a Zirakpur-based firm, QFX Trade, in November 2023. This scheme, which operated on a pyramid structure, also promised high monthly returns and commissions for recruiting new investors. The QFX Trade fraud, impacting nearly 100 people in the Mandi district alone, was estimated to be around Rs 210 crore. The scheme's reach extended across several districts in Himachal Pradesh, Punjab, Haryana, Chandigarh, and even parts of Gujarat. While three directors of QFX Trade remain at large, one individual was apprehended in connection with the case.
The ED's investigation is ongoing, as they work to unravel the complex network of shell companies and financial transactions involved in the alleged fraud. The scale of the operation and the involvement of a prominent figure in the sports world have drawn significant attention to the case, highlighting the growing problem of investment fraud in India.
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