In April, the Enforcement Directorate (ED) conducted search operations in Mumbai, Chennai, Kolkata, and Delhi as part of a money laundering investigation involving illegal online forex trading through the multinational firm, OctaFx Trading App and its website www.octafx.com.
According to reports, the ED has frozen Rs 2.7 crore in bank funds and seized numerous illegal documents and digital devices. Recently, actors Nia Sharma, Krystle Dsouza and Karan Wahi have been summoned by the ED to record their statements regarding the Octa FX money laundering case.
Earlier, actress Nia Sharma was summoned by the ED for her alleged promotion of the app. The ED investigation has revealed that the trading app and its website are associated with OctaFX India Pvt. Ltd. The application is extensively promoted on social media, with influencers offered referral-based incentives to encourage users to trade on its platform.
Several bank accounts in India have been identified as investing funds into the OctaFx trading app. According to the ED, these funds were acquired through defrauding investors. The illegally obtained funds were subsequently transferred to bank accounts under dummy entities.
Many users' investments in the OctaFx app were illegally obtained by agents, who defrauded them. The trading application also manipulated trading activities, resulting in significant losses for investors. To attract more users, the app relied on extensive fraudulent advertising online.
OctaFX has employed several Indians based in Spain and Russia to manage its trading platform operations and encourage Indian residents to invest in forex trading through OctaFX.
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