Jammu Tawi, Feb. 13 -- The Enforcement Directorate on Thursday said it has frozen bank deposits worth Rs 170 crore following recent searches against promoters of an alleged fraudulent forex trading and deposit scheme.

The federal agency said in a statement that raids were launched on February 11 at various premises in Delhi, Noida and Shamli in Uttar Pradesh and Rohtak in Haryana as part of a probe against QFX Trade Ltd. and its directors named Rajendra Sood, Vineet Kumar and Santosh Kumar apart from one of the "mastermind" Nawab Ali alias Lavish Chaudhary.

The money laundering probe stems from multiple FIRs filed by the Himachal Pradesh Police against QFX company that is alleged to have cheated many investors through a "fraud" forex t...