ED Raids OctaFX Forex Scam: Seizes Assets Worth Rs 160.8 Crore
The Enforcement Directorate (ED) has conducted raids in Mumbai, Delhi, and other cities as part of an investigation into the OctaFX Forex scam, seizing assets worth Rs 160.8 crore, including properties in Spain.
EdOctafxForex ScamRbiPmlaReal Estate MumbaiJun 17, 2025
So far, the ED has seized, attached, or frozen assets worth Rs 160.8 crore, including properties located in Spain. The investigation began after an FIR was registered by the Shivaji Nagar Police Station in Pune against suspects accused of cheating investors by promising high returns through forex trading on the OctaFX platform.
According to the ED, OctaFX, along with its Indian partner OctaFX India Pvt Ltd, operated in India without the necessary permission from the Reserve Bank of India (RBI). The platform reportedly collected over Rs 800 crore from Indian investors in under a year, under the pretext of offering foreign exchange trading. The investigation revealed that OctaFX used mule accounts and routed investor funds through unauthorized payment aggregators.
To hide the true origin of the funds, OctaFX disguised these transactions as online shopping payments, refunds, chargebacks, and vendor payments. In reality, they were being used for fake forex trading and illegal betting payouts. The ED found that about 50 percent of user funds were diverted in this manner. Additionally, OctaFX used URL masking to hide the identity of payment gateways, making it difficult for banks and regulators to trace the money back to the unauthorized platform.
The ED has been working diligently to trace and recover the funds. So far, the agency has seized, attached, or frozen assets worth Rs 160.8 crore, including properties located in Spain. The probe is ongoing, and the ED is committed to bringing all those involved to justice and recovering as much of the investors' money as possible.
This crackdown sends a strong message to fraudulent operators that the Indian authorities are vigilant and will not tolerate illegal activities that harm investors and the financial system. The ED's actions are expected to deter other potential scammers and restore confidence in the financial markets.
Frequently Asked Questions
What is the OctaFX Forex scam?
The OctaFX Forex scam involves an unauthorized online trading platform that collected over Rs 800 crore from Indian investors by promising high returns on foreign exchange trading. The platform operated without the necessary permissions from the Reserve Bank of India (RBI).
What actions has the ED taken?
The Enforcement Directorate (ED) has conducted raids in multiple cities, seized various incriminating documents and digital devices, and frozen assets worth Rs 160.8 crore, including properties in Spain.
How did OctaFX hide the origin of the funds?
OctaFX used mule accounts, unauthorized payment aggregators, and URL masking to disguise transactions as online shopping payments, refunds, chargebacks, and vendor payments, making it difficult for banks and regulators to trace the money.
What is the status of the investigation?
The investigation is ongoing, and the ED is committed to bringing all those involved to justice and recovering as much of the investors' money as possible.
What is the Prevention of Money Laundering Act (PMLA)?
The Prevention of Money Laundering Act (PMLA) is an Indian law aimed at preventing money laundering and related activities. It provides the legal framework for the investigation and prosecution of money laundering cases.
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