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.
Want to get your story featured as above? click here!
Want to get your story featured as above? click here!
The ED has reportedly seized assets worth ₹172 crore in India and abroad, including a yacht, a villa in Spain, bank deposits of ₹36 crore, 39,000 USDT (Tether), and demat and land holdings valued at ₹80 crore.
The case is being handled by the ED’s Mumbai unit, which is also probing several other online investment platforms suspected of similar frauds — including Power Bank (Bengaluru), TM Traders, Vivan Lee (Kolkata), and Zara FX (Kochi) — based on multiple FIRs filed nationwide.
The ED report further highlights that Indians lost over ₹22,800 crore in approximately 3.64 million financial fraud cases in 2024 — a 200% increase in monetary loss and over 50% rise in cases compared to 2023. Another ongoing probe has exposed networks operating from Laos, Hong Kong, and Thailand, which allegedly hired Indian agents to establish shell companies, create fake IPO allotments, and execute fraudulent stock and crypto transactions disguised as “import of services.”
In response, OctaFX has denied any connection to the entity under investigation, asserting that the company in question no longer operates under its brand. The firm clarified that it does not offer crypto exchange services or INR on/off-ramps, and operates through independently licensed entities.
OctaFX also refuted allegations of money laundering or misleading investment schemes, emphasizing its strict compliance with anti-money laundering (AML) regulations and its commitment to transparency. The company stated that it educates users on trading risks and does not promise high returns, adding that none of its current management faces any legal issues.
