PANews reported on October 21st that India's Enforcement Directorate (ED) has frozen cryptocurrency assets worth 23.85 billion rupees (approximately $270 million) in connection with the OctaFX scam. This latest action brings the total value of seized and frozen assets in the OctaFX case to 26.81 billion rupees. The case's main suspect, Pavel Prozorov, has been arrested in Spain, and India is pursuing extradition proceedings. An investigation revealed that OctaFX defrauded Indian investors of 18.75 billion rupees between July 2022 and April 2023 through an unauthorized forex trading platform, using shell companies and cryptocurrency to transfer funds. The Enforcement Directorate had previously seized physical assets such as yachts and luxury homes, but this recent freeze on cryptocurrencies reveals a new method for laundering funds in this case.PANews reported on October 21st that India's Enforcement Directorate (ED) has frozen cryptocurrency assets worth 23.85 billion rupees (approximately $270 million) in connection with the OctaFX scam. This latest action brings the total value of seized and frozen assets in the OctaFX case to 26.81 billion rupees. The case's main suspect, Pavel Prozorov, has been arrested in Spain, and India is pursuing extradition proceedings. An investigation revealed that OctaFX defrauded Indian investors of 18.75 billion rupees between July 2022 and April 2023 through an unauthorized forex trading platform, using shell companies and cryptocurrency to transfer funds. The Enforcement Directorate had previously seized physical assets such as yachts and luxury homes, but this recent freeze on cryptocurrencies reveals a new method for laundering funds in this case.
India's Enforcement Directorate freezes Rs 23.85 billion in crypto assets linked to OctaFX scam
PANews reported on October 21st that India's Enforcement Directorate (ED) has frozen cryptocurrency assets worth 23.85 billion rupees (approximately $270 million) in connection with the OctaFX scam. This latest action brings the total value of seized and frozen assets in the OctaFX case to 26.81 billion rupees. The case's main suspect, Pavel Prozorov, has been arrested in Spain, and India is pursuing extradition proceedings.
An investigation revealed that OctaFX defrauded Indian investors of 18.75 billion rupees between July 2022 and April 2023 through an unauthorized forex trading platform, using shell companies and cryptocurrency to transfer funds. The Enforcement Directorate had previously seized physical assets such as yachts and luxury homes, but this recent freeze on cryptocurrencies reveals a new method for laundering funds in this case.
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