ED raids across many cities; OctaFX trading scam linked to Spain; Indian investors cheated of Rs 800 crore
The Enforcement Directorate (ED) conducted raids in seven cities in the Rs 800 crore online forex trading scam through the OctaFX app. The investigation revealed that donkey accounts were used for illegal money transfer. Investors were duped, and the URL was also hidden to hide the source of the money.
The Enforcement Directorate (ED) has conducted raids in seven cities of the country in the Rs 800 crore scam case related to online forex trading through the OctaFX app and website.
Initial investigations have revealed that donkey accounts were used for illegal money transfer, and investors were duped. At the same time, the investigation also revealed that the URL was hidden to hide the source of the money. According to the investigation so far, its network extends to Spain.
The issue was given prominence when Pune witnessed the registration of an FIR. Here, some have filed charges against OctaFX of cheating investors by enticing them with huge profits.
After the complaint, the matter was investigated. In which it was found that OctaFX and OctaFX India Private Limited were running foreign exchange trading in India without the permission of the Reserve Bank of India.
At the same time, the agencies investigating the matter found that the URL of the payment link was hidden to mislead the banking and regulatory agencies about the redirection of funds from illegal sources. At the same time, the properties worth more than Rs 160 crore seized and confiscated by the investigating agency include properties in Spain. According to the information, so far, two charge sheets related to the scam have been filed, while the search for others involved in the racket is on.
After the complaint, the matter was investigated. In which it was found that OctaFX and OctaFX India Private Limited were running foreign exchange trading in India without the permission of the Reserve Bank of India.
At the same time, the agencies probing the case found that the URL of the payment link was hidden to mislead banking and regulatory agencies about the redirection of funds from illegal sources. At the same time, the properties worth more than Rs 160 crore seized and confiscated by the investigating agency include properties in Spain. According to the information, so far two charge sheets related to the scam have been filed, while the search for others involved in the racket is on.
