In 2023 Himachal Pradesh Police found Lavish Choudhary who was the mastermind behind the crypto investment fraud of INR 5,000 crore.
The Mastermind: Lavish Choudhary
Lavish Choudhary, the co-founder and CEO of Trillioner Token (TLC) and QFX was born on October 27, 1992, in Muzaffarnagar, Uttar Pradesh. He has made a significant impact in real estate and various other business sectors. He raised from a small village building a successful career, earned recognition in major cities and established himself as one of India’s prominent businessmen.
The scam which was led by Lavish Choudhary involved Forex trading, cryptocurrency, and multi-level marketing. Only from Himachal Pradesh he had defrauded people of ₹1250 crore with 2500 complaints filed against him. Despite the ED Probe, he continued the said operations from Dubai.
He had built a vast network of more than 500 agents across various states namely Haryana, Punjab, Delhi, Chhattisgarh, Rajasthan, Uttar Pradesh, Gujarat, and Maharashtra. He used the code name of BLACK PANTHER and attracted many investors by promising them to provide higher returns which ranged from 2.5% to 25% per month.
The Scam Execution
Investors who invest more than ₹10 lakh are attracted with a free trip to Dubai.
There was a time in November 2024 where the application of Dubai visa increased sharply, and most individual investors invested between ₹10 lakh and ₹1 crore, thinking they were stepping into a profitability opportunity.
On December 1 a high profile event was organized to attract more investors, including well known personalities to add credibility in the scheme.
ED Action
ED conducted raids in Delhi, Noida, Rohtak and Shamli in February. Froze 30 bank accounts, worth ₹250 crore assets seized, and ₹10 lakh recovered in cash. Many agents were hiding after the crackdown.
On March 17 another major investor meeting took place. Some reporters, who infiltrated the network, attended a dinner meeting in Dubai. They also investigated an office in Al-Mussayaf Towers, which had no official sign so suggesting it was part of a fraudulent operation.
Luxurious Lifestyle and False promises
Lavish and his team claim that investors can earn ₹100 crore who “work honestly”, but that was just a trape to keep the scam going. Hosts grand meetings in their Dubai headquarters with over 1,200 investors.
On March 15 seminar, Lavish made bold claims:
- “Till 2027, this business will be worth ₹3,600 crore.”
- “Will create the world’s first trillionaire family.”
Luxury Cars and mentions
While investors lose their hard-earned money, the masterminds of the scam live in extravagant mansions worth ₹220 crore and drive luxury cars like Rolls-Royce Cullinans, Lamborghinis, and Ferraris.
Important facts about fraud
How is this different from regular online fraud?
It combines a Ponzi scheme and multi-level marketing, where money from new investors is used to pay earlier investors.
What’s their strategy?
MFL, ImFX, GotM, and Teamet Coin platforms they use for investments, rotating new investors’ money to create fake returns.
How many people have been scammed?
Approx 50,000 investors have lost around ₹5,000 crore.
Is YFX and BTB Forex trading legal?
No. The Reserve Bank of India (RBI) has stated that electronic platforms for Forex and cryptocurrency trading are not legally permitted.
Why does this continue in Dubai?
Dubai has weak regulations on cryptocurrency and Forex trading, allowing such scams to operate for longer periods.
Conclusion
Fraudsters continue to deceive people with promises of huge profits where investigation is still ongoing. Investors should always verify financial schemes before investing to avoid falling victim to such scams.
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