Overview

• The ED launched its money laundering probe after a Pune FIR accused OctaFX operators of duping investors with false promises of high forex returns
• On June 13, teams carried out search operations at seven locations across Mumbai, Delhi, Chennai and Gurugram under the Prevention of Money Laundering Act
• Investigators found that OctaFX and its Indian partner operated without Reserve Bank of India authorisation, collecting over Rs800 crore from investors in under a year
• The scheme routed nearly half of user funds through mule payout accounts and shell e-commerce firms using fake KYC, disguising transactions as refunds and vendor payments
• The agency has attached or frozen assets worth Rs160.8 crore, including properties in Spain, and filed two prosecution complaints as the investigation continues