Latest news with #OctaFX
Time of India
14 hours ago
- Business
- Time of India
Rs 800 crore OctaFX money laundering case: Enforcement Directorate searches 7 places in Mumbai, Delhi, Gurgaon, Chennai
Mumbai: Enforcement Directorate (ED) conducted searches at seven locations in Mumbai, Delhi, Gurgaon, and Chennai in connection with the Rs 800-crore money laundering investigation against OctaFX, and seized documents and digital devices for examination. The ED alleged that OctaFX engaged in illegal online forex trading through international brokers, namely OctaFx Trading app and In a press release, the ED stated, "OctaFX, in partnership with OctaFx India Pvt Ltd, operated in India without RBI authorisation. They defrauded investors under the guise of forex trading, generating over Rs 800 crore in less than a year." The ED claimed that OctaFX routed investor funds through mule accounts into escrow accounts of the unauthorised payment aggregator, Dinero Payment Services. Shell firms posing as e-commerce platforms were onboarded using fake KYCs to access payment gateways and avoid detection. Investor funds were disguised as online purchases, layered through multiple accounts, and ultimately disbursed as fake forex or betting payouts to obscure their origin, the ED claimed. The agency added that OctaFX used URL masking techniques to disguise the identity of payment gateways and evade regulatory detection. Till date, the ED has attached assets worth Rs.160.8 crore, including properties in Spain, in the case.
NDTV
19 hours ago
- Business
- NDTV
Fake Payment Gateways, Properties In Spain: Inside Rs 800-Crore Forex Scam
New Delhi: The Enforcement Directorate conducted raids at seven places across four cities in connection with a Rs 800 crore scam pertaining to online forex trading through the OctaFx app and website. A probe revealed how investors were duped using mule accounts to transfer money illegally, URL masking to hide the money trail and that the money laundering network extended to Spain. The case came to light when a FIR was lodged in Pune accusing some individuals of defrauding investors by luring them with huge profits through OctaFX. The investigation revealed that OctaFX and OctaFx India Pvt Ltd were running a foreign exchange business in India without the permission of the Reserve Bank of India. Following raids on June 13 across Mumbai, Delhi, Chennai and Gurugram, it was found that money deposited by investors on the OctaFX platform was first deposited in fake accounts and then transferred to the escrow account of an unauthorised payment aggregator called Dinero Payment Services. Further, the money trail was hidden by using fake KYC and payment gateways of shell companies posing as fake e-commerce companies, with transactions being shown under the guise of online shopping, refund, vendor payment and chargeback. The probe agency also found that the URLs of payment links were masked to mislead banking and regulatory agencies about the rerouting of funds of illegal sources. Among the assets attached and seized by the probe agency worth over Rs 160 crore were properties in Spain. So far, two chargesheets have been filed pertaining to the scam, while search is on for more people involved in the racket.
India Today
a day ago
- Business
- India Today
Mule accounts, url masking: How forex trading platform OctaFX scammed investors
OctaFx is a forex trading platform and has been accused of defrauding investors in India to the tune of Rs 800 crore. (Photo: ED raided 7 sites in Mumbai, Delhi, Chennai, Gurugram on June 13 Various incriminating documents, digital devices seized during searches ED discovered funds routed via mule accounts, fake e-commerce platforms The Enforcement Directorate recently raided as many as seven locations in four cities, including Mumbai, Delhi, Chennai and Gurugram, as part of an ongoing investigation into Rs 800-crore fraud linked to a forex trading platform - OctaFX. During the June 13 raids, the federal agency seized various incriminating documents and digital devices that showed how the platform duped investors. The ED-led investigation revealed that OctaFX, in partnership with M/s OctaFx India Pvt Ltd, operated in India without the authorisation of the Reserve Bank of India (RBI). The firm had defrauded investors under the guise of forex trading, and generated more than Rs 800 crore in less than a year. Raids revealed that the forex trading app routed investor funds through mule accounts into escrow accounts of unauthorised payment aggregator Dinero Payment Services. Additionally, shell companies posing as e-commerce platforms were taken aboard using fake KYCs to access payment gateways and avoid detection. Investor funds were disguised as online purchases, layered through multiple accounts, and ultimately disbursed as fake forex or betting payouts to conceal their origin. It was also discovered that nearly 50 per cent of user funds were diverted from the OctaFX platform to mule payout accounts. These accounts were used to disburse money under the false pretence of e-commerce refunds, chargebacks, vendor payments, and so on, effectively concealing the actual flow and purpose of the funds. The recent raids further uncovered that OctaFX used url masking methods to disguise the identity of payment gateways and evade regulatory detection. They used misleading or generic URLs instead of directing users to clearly identifiable payment links, making it difficuly for authorities and banks to trace the transactions back to unauthorised or illicit sources. Till date, the ED has attached or seized or frozen assets worth Rs 160.8 crore in the case, including properties in Spain. The agency has also filed two prosecution complaints. The federal agency initiated an investigation based on an FIR registered by Pune Police against individuals accused of cheating investors with false promises of high returns via the OctaFX forex trading platform. Further investigation into the case is underway. The Enforcement Directorate recently raided as many as seven locations in four cities, including Mumbai, Delhi, Chennai and Gurugram, as part of an ongoing investigation into Rs 800-crore fraud linked to a forex trading platform - OctaFX. During the June 13 raids, the federal agency seized various incriminating documents and digital devices that showed how the platform duped investors. The ED-led investigation revealed that OctaFX, in partnership with M/s OctaFx India Pvt Ltd, operated in India without the authorisation of the Reserve Bank of India (RBI). The firm had defrauded investors under the guise of forex trading, and generated more than Rs 800 crore in less than a year. Raids revealed that the forex trading app routed investor funds through mule accounts into escrow accounts of unauthorised payment aggregator Dinero Payment Services. Additionally, shell companies posing as e-commerce platforms were taken aboard using fake KYCs to access payment gateways and avoid detection. Investor funds were disguised as online purchases, layered through multiple accounts, and ultimately disbursed as fake forex or betting payouts to conceal their origin. It was also discovered that nearly 50 per cent of user funds were diverted from the OctaFX platform to mule payout accounts. These accounts were used to disburse money under the false pretence of e-commerce refunds, chargebacks, vendor payments, and so on, effectively concealing the actual flow and purpose of the funds. The recent raids further uncovered that OctaFX used url masking methods to disguise the identity of payment gateways and evade regulatory detection. They used misleading or generic URLs instead of directing users to clearly identifiable payment links, making it difficuly for authorities and banks to trace the transactions back to unauthorised or illicit sources. Till date, the ED has attached or seized or frozen assets worth Rs 160.8 crore in the case, including properties in Spain. The agency has also filed two prosecution complaints. The federal agency initiated an investigation based on an FIR registered by Pune Police against individuals accused of cheating investors with false promises of high returns via the OctaFX forex trading platform. Further investigation into the case is underway. Join our WhatsApp Channel
