Fraudulent Forex Empire: Assets Worth Rs 131 Crore Seized

The Enforcement Directorate (ED) has seized assets exceeding Rs 131 crore in connection with an ongoing investigation into the fraudulent forex trading platform OctaFX. Notable assets include a luxury yacht, a minijet boat, and two properties in Spain. These acquisitions are linked to Pavel Prozorov, the alleged mastermind behind OctaFX's operations.

According to the ED, OctaFX was promoted through popular channels like the Indian Premier League (IPL) and social media, enticing investors with promises of high returns. The platform allegedly laundered funds using mule accounts, shell companies, and unauthorized payment processors to cover its tracks, resulting in significant financial losses for investors.

This investigation stems from a Pune Police FIR involving charges of defrauding investors. The ED has already filed two chargesheets against OctaFX and several entities while continuing to pursue assets linked to the fraudulent activities. The agency remains vigilant, tracking funds believed to have been diverted internationally under false pretexts.

(With inputs from agencies.)