ED returns ₹37.57 lakh to victims of ₹100 crore Bluemax forex fraud

Bluemax Capital Solutions Pvt. Ltd., a company that collected over Rs. 100 Crore from the public under false pretenses of high-return trading.

Who it concerns: Investors who deposited funds with M/s. Bluemax Capital Solutions Pvt. Ltd. and others, and the Madurai Sub-Zonal Office of the Directorate of Enforcement.

What the ED says it did

• ED Madurai restituted Rs. 37,57,697/- to victims pursuant to an order by the Hon’ble Special Court under PMLA, Madurai under Section 8(8) of the PMLA, 2002.
• Investigation revealed the company collected more than Rs. 100 Crore from the public, promising returns from forex, commodities, and gold trading without authorization for forex trading.
• Funds were not deployed as represented; part was routed through other entities' bank accounts, and part was used to acquire crypto assets and movable/immovable properties.
• ED seized, froze, and attached assets including crypto-currency valued at approximately Rs. 8.89 Crore.
• A prosecution complaint has been filed before the Hon’ble Special Court (PMLA), Madurai, and the trial is in progress.
• Restitution to other victims whose applications were allowed by the Court is under progress.

Also in the document

• The initial investigation was initiated based on FIRs registered by Tamil Nadu Police under various sections of the IPC, TNPID Act, and BUDS Act.
• The company was not authorized to undertake forex trading despite representing that funds would be deployed in such activities.