The Directorate for Enforcement of Law (ED), Kochi Zonal Office, made a search in four premises Zara FX, Cyprus registered forex trading of the platform, allegedly illegally operating in India by collecting deposits through mule and promising high returns to investors.
Ed started an investigation based on the first information reports (FIRS) registered by the Keral police for cheating and criminal plot.
Preliminary investigation revealed that the company operated through unregulated online commercial platforms and collected deposits through the network of the Mounds accounts. Investors were reportedly lured by the promise of unusually high returns and the collected funds were directed by more layers of bank and virtual accounts to cover their origin. Some of the funds were reportedly diverted for speculative Forex trading abroad, while the remaining amounts were postponed for personal profits, Ed said.
Bank accounts that hold approximately 3.9 GBP crore were frozen, communication said.
Published – 8 August 2025 17:58
