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ED probes Russia-linked trading platform OctaFX over ₹800 crore forex, crypto fraud in India
The ED has launched an investigation against the online trading platform OctaFX, whose promoters are based in Russia. The investigation revealed that OctaFX generated suspicious income of approximately ₹800 crore from Indian businesses. The ED has seized assets worth ₹172 crore. In addition to OctaFX, other platforms like Power Bank TM Traders are also under investigation.
The Enforcement Directorate (ED) has launched an investigation into the online trading platform OctaFX, whose promoters are reportedly based in Russia. The platform’s technical support operates from Georgia, its Indian business is managed from Dubai, and its servers are hosted in Barcelona.
The probe, initially focused on OctaFX’s Indian operations, has now widened to examine cross-border activities allegedly involving the conversion of illicit funds into cryptocurrency and their movement through international payment gateways.
According to media reports citing ED findings, OctaFX — registered in Cyprus and engaged in trading foreign currencies, commodities, and cryptocurrencies — is suspected of generating around ₹800 crore in criminal proceeds from its Indian operations within nine months. Some of these transactions were allegedly disguised as “fake imports of services” from Singapore to conceal illegal fund transfers from India.
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