New Delhi, Feb. 14 -- The Enforcement Directorate (ED) has identified a Dubai-based venture capitalist, who owns a franchise in the Abu Dhabi T10 cricket league, as the mastermind behind an investment fraud worth Rs 500-600 crore in India, sources told ThePrint.

Choudhary, also known as 'Navab', ran a multi-level marketing scheme called "Botbro," claiming to use AI-driven forex trading.

Under the Prevention of Money Laundering Act, the ED raided premises linked to shell companies in Delhi, Noida, Rohtak (Haryana), and Shamli (Uttar Pradesh).

The ED's probe follows a case registered by Mandi Police in Himachal Pradesh, where an investment scheme run by Zirakpur-based firm QFX Trade was exposed in November 2023.

The fraud, initially fla...