Mumbai:
Enforcement Directorate
(ED) froze bank funds amounting to Rs 2.7 crore and attached
assets
worth Rs 35 crore in the form of cryptocurrencies, bank balance and gold coins in connection with a
money laundering
case involving alleged illegal online
forex trading
through a global firm—OctaFx Trading App and website www.octafx.com.
ED carried out searches at various locations in Mumbai, Chennai, Kolkata and Delhi.
As per ED’s press release on Saturday, “The
OctaFx
has manipulated trade activities and information shown on its platform ultimately resulting in net loss to the traders. The said accumulated funds, after defrauding these investors/users, were transferred to multiple e-wallet accounts or to bank accounts of dummy entities. This way, OctaFx India Pvt Ltd, OctaFx, and their entities have cheated investors in the guise of forex trading thereby earning a profit of more than Rs 500 crore from Indian region.”
The search showed involvement of chartered accountants and entry operators in assisting OctaFX India Pvt Ltd to layer proceeds of crime using shell companies. ED said OctraFX group entities’ owners are based in Spain, Russia, Georgia and Dubai.
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