Forex and crypto scam dupes 100+ investors of Rs11 crore in Mumbai
A forex and cryptocurrency investment scheme has allegedly defrauded over 100 investors of nearly Rs11 crore. The accused, including Lavish Chaudhary alias Nawab Ali and several companies, promised fixed monthly returns of 5%. One victim, a Dadar East businessman, lost Rs55.58 lakh after initially receiving payouts for months before the scheme collapsed. The scam began with offers of guaranteed 5% monthly returns through forex and crypto trading. Investors were persuaded to deposit money into entities like QFX Trade Ltd., Yorker FX, Botbro and Botalpha—later renamed Bot-Alpha during the scheme.
Rahul Harishchandra Ghole, a businessman from Dadar East, first invested Rs8 lakh in July 2024. For seven months, he received the promised returns, which encouraged him to add more funds. By February 2025, the payments stopped, and he realised he had lost a total of Rs55.58 lakh. The Enforcement Directorate (ED) had already started action against Chaudhary before investors uncovered the fraud. Matunga police have now registered a case under the Maharashtra Protection of Interest of Depositors Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS).
The investigation remains ongoing, with authorities probing the full extent of the fraud. Over 100 victims are believed to have lost money in the scheme, which promised high returns but collapsed after months of operation. Police and financial agencies continue to examine the role of the accused and the companies involved.
