The Enforcement Directorate (ED) has carried out multi-city raids in Mumbai, Delhi, Chennai, and Gurgaon in connection with an ₹800 crore illegal online forex trading scam involving the OctaFX Trading App and its website (<a href="http://www.octafx.com/">www.octafx.com</a>). The action follows the earlier seizure of assets in Spain and is part of an ongoing investigation under the Prevention of Money Laundering Act (PMLA), 2002.
The probe was triggered by an FIR filed in Pune&rsquo;s Shivaji Nagar Police Station, where investors were allegedly duped through fake promises of high returns from forex trading on the OctaFX platform. The ED found that OctaFX operated in India without RBI authorisation, channeling over ₹800 crore through illegal means.
The agency discovered that funds were routed through mule accounts to the escrow accounts of Dinero Payment Services, an unauthorised aggregator. Shell firms, posing as e-commerce platforms using fake KYCs, helped access payment gateways, masking forex transactions as regular purchases.
Almost half the user funds were siphoned off and disbursed as fake payouts under the guise of refunds and vendor payments, effectively hiding the origin and purpose of the money. URL masking techniques were also used to conceal transaction sources from banks and regulators.
So far, the ED has attached or frozen assets worth ₹160.8 crore, including properties in Spain, and filed two prosecution complaints as part of the investigation.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]
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ED Raids in Rs 800 Cr Forex Scam Across 3 Cities

ED raids in Mumbai, Delhi & Chennai in ₹800 Cr OctaFX forex scam; assets worth ₹160 Cr frozen.

ED Raids in Rs 800 Cr Forex Scam Across 3 Cities

ED raids in Mumbai, Delhi & Chennai in ₹800 Cr OctaFX forex scam; assets worth ₹160 Cr frozen.

June 17, 2025 | 23:51 IST

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