.jpg)
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 initiated an investigation into the online trading platform OctaFX, whose promoters are based in Russia. Its technical support is based in Georgia, Indian operations are managed from Dubai, and its servers are located in Barcelona.
This investigation has expanded into a broader probe into cross-border activities that allegedly involve converting criminal proceeds into cryptocurrency and using international payment gateways.
Media reports indicate that, according to ED findings, OctaFX, which was established in Cyprus and trades in foreign currency, commodities, and cryptocurrencies, generated suspected criminal proceeds of around ₹800 crore from its Indian operations within nine months.
The ED mentioned that some transactions were disguised as "fake imports of services" from Singapore to hide illicit flow from India. The report also mentions that assets worth ₹172 crore were seized in India and abroad, including a yacht, a villa in Spain, bank deposits worth ₹36 crore, ₹39,000 USDT (Tether) cryptocurrency, and demat and land holdings valued at ₹80 crore.
The ED's Mumbai unit is investigating OctaFX. However, this platform is not the only one under investigation for investment fraud; several others are also being examined. These include Power Bank (Bengaluru), TM Traders, Vivan Lee (Kolkata), and Zara FX (Kochi), with cases arising from multiple FIRs filed across various cities.
According to the ED report, Indians lost over ₹22,800 crore in about 3.64 million financial fraud cases in 2024, representing an increase of more than 200% compared to ₹7,465 crore in 2023. The number of cases also grew by over 50%.
Another investigation involves fraudsters operating from Laos, Hong Kong, and Thailand, who hired Indian agents to set up shell companies using forged documents, issue fake IPO allotments, and carry out fraudulent stock investments and digital arrests. The proceeds were routed through cryptocurrency and sent abroad as payments for fraudulent "import of services."
