AMN
The Enforcement Directorate (ED) has conducted search operations at various locations in Mumbai, Chennai, Kolkata and Delhi as part of an ongoing probe in the case of illegal Online Forex Trading through International Brokers namely OctaFx Trading App and its website. The searches were conducted on Thursday under the Prevention of Money Laundering Act (PMLA).
The Agency in a statement said that during the search operations, Bank funds to the tune of 2.7 crore rupees have been frozen and various incriminating documents and digital devices were seized. ED initiated an investigation based on an FIR registered by Shivaji Nagar Police Station, Pune against several persons for involvement in showing false temptations of high returns and duping persons in the guise of Forex trading.
ED investigation revealed that the OctaFx online trading app and website are operating in India in association with the India-based entity OctaFx India Private Limited. The Octafx App and its website have not been authorized by RBI to deal in Forex Trading. Based on the investigation conducted, assets to the tune of 35 crore rupees in the form of cryptocurrencies, bank balances, and gold coins among others were attached by ED. The search operations unveiled a network of chartered accountants and professionals, who gave fake certificates of remittances and facilitated bank accounts and companies for layering of such funds.