Overview
- Spanish authorities detained Pavel Prozorov in connection with cybercrimes impacting multiple countries, the Enforcement Directorate said.
- ED’s provisional order attaches cryptocurrency holdings of about ₹2,385 crore across roughly 100 wallets beneficially owned by Prozorov.
- Total assets attached in the case now stand at about ₹2,681 crore, including 19 immovable properties and a luxury yacht in Spain linked to Prozorov.
- Investigators allege OctaFX siphoned ₹1,875 crore from Indian investors between July 2022 and April 2023, generating about ₹800 crore in profits, with estimated India profits over 2019–2024 exceeding ₹5,000 crore.
- Officials cite operations without RBI permission, routing via dummy entities and mule accounts, outward transfers as bogus software and R&D imports to entities across several countries, and plans to seek Prozorov’s questioning or extradition through ongoing MLAT-led cooperation.