The Enforcement Directorate has apprehended Navab Hassan, a key figure in the QFX Ponzi scheme, which deceived numerous investors across several Indian states. After his arrest on Thursday, Hassan was placed under the agency's custody for nine days by a special PMLA court.

Hassan's arrest follows that of Harinder Pal Singh, another significant player identified by the ED as a lead agent operating in western Uttar Pradesh. This case, rooted in multiple FIRs, reveals a sophisticated pyramid scam masquerading as an AI-bot powered forex trading opportunity with promises of monthly returns reaching 6 per cent.

Investigations have uncovered that funds funneled through payment aggregators and virtual currencies were funneled to the UAE for luxury purchases under the guise of legitimate trading.

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