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The Enforcement Directorate (ED) conducted raids at seven different locations across the country in connection with an illegal online forex trading case. The ED on Tuesday informed that the fraud was committed allegedly through international brokers namely OctaFX trading App and website. Hundreds of investors from across the country were cheated of over 800 crore rupees in the name of Forex market trading.
The ED initiated investigation into this case based on a complaint filed at Shivaji Nagar police station in Pune. Accordingly, ED conducted raids on 13th June in Mumbai, Delhi, Chennai and Gurugram in connection with the scam.
The investigation has revealed that OctaFX, in collaboration with MS OctaFX India Private Limited, operated in India without Reserve Bank of India (RBI) authorization. In this case, ED has so far seized assets worth 160.8 crore rupees including properties in Spain besides several incriminating documents and digital devices.
Investigations also revealed that investor funds were funnelled through mule accounts and fake e-commerce firms using unauthorized payment gateways. The scam involved advanced masking techniques to avoid regulatory detection. Further investigation is in progress.
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