ED carries out search operations against 3 suspected shell companies in UP

New Delhi [India], July 7 (ANI): Directorate of Enforcement (ED), Chandigarh Zonal Office ha carried out earch operation at the premie of three upected hell companie located in Uttar Pradeh Noida and Lucknow, the central agency aid on Monday.
ED tated that raid were carried out under the proviion of the Prevention of Money Laundering Act (PMLA), 2002.
Directorate of Enforcement (ED), Chandigarh Zonal Office ha carried out earch operation on 04.07.2025 at the premie of three upected hell companie - Kindent Buine Solution Pvt. Ltd., Rainet Technology Pvt. Ltd. and Mool Buine Solution Pvt. Ltd. located in Noida and Lucknow, Uttar Pradeh, under the proviion of the Prevention of Money Laundering Act (PMLA), 2002. The companie were being operated by dummy Director and were poing a IT firm offering wallet-baed API, dometic money tranfer (DMT), Aadhaar-enabled payment ytem (AEPS) and bill payment olution, ED aid in a pre releae.

ED, Chandigarh ha carried out earch operation on 04.07.2025 at the premie of three upected hell companie - Kindent Buine Solution Pvt. Ltd., Rainet Technology Pvt. Ltd. and Mool Buine Solution Pvt. Ltd. located in Noida and Lucknow, Uttar Pradeh, under the…

&mdah ED (@dir_ed) July 7, 2025

ED further tated that the management of thee companie could not ubtantiate that the activitie carried out by them are within the framework regulated by the RBI.
It wa then found that thee companie were actually front for laundering Proceed of Crime (POC) generated through the multi-crore QFX/YFX online forex and MLM (Multi Level Marketing) cam, which duped thouand of invetor acro India, the agency added.
ED tated that baed on the evidence recovered, the agency ha frozen 116 account in everal bank aociated with thee entitie, and a per confirmation received o far from 16 bank account, more than R 103 Crore of POC ha been frozen.
Numerou digital device, financial document and electronic record were alo eized from the premie and are currently under forenic examination to etablih the complete trail of POC and peron involved in the cam. ED alo conducted earche in February 2025 and had frozen everal bank account aociated with QFX, YorkerFX and botbro etc. ecuring 187 Crore of POC. The main matermind Navab alia Luvih Chaudhary, Rajender Sood, Vineet Kumar and Santoh Kumar abconded to Dubai after defrauding thouand of innocent invetor, the ED aid.
The agency further aid that the ongoing invetigation i likely to expoe more uch hell companie, benami aet and complex layering network ued to diguie the origin of fund defrauded from innocent invetor.
It i alo likely to uncover additional individual, matermind, operator, beneficiarie and front-end facilitator involved in orchetrating and facilitating the laundering of POC from the QFX cam, the releae aid. (ANI)