Ed raid on Octafx: The ED raided a total of 7 places in Mumbai, Delhi, Chennai and Gurgaon on 13 June 2025 in the money laundering case. This action was taken under the investigation of a major scam related to illegal online forex trading through Octafx Trading App and website (www.Octafx.com).
During the raids, the ED has found several objectionable documents, digital devices and important electronic evidence, which have been seized. The ED started this investigation on the basis of an FIR lodged at Shivaji Nagar Police Station in Pune, in which the investors were accused of cheating the investors through the Octafx platform.
Was working without RBI’s permission
Investigation revealed that Octafx and M/S Octafx India PVT Ltd operated in the country without the permission of the Reserve Bank of India (RBI) and cheated huge amount from investors in the name of foreign exchange trading. In this entire fraud, more than Rs 800 crore has been rigged in less than a year. Octafx transferred investors’ funds through mule accounts to an illegal payment aggregator’s escrow accounts called Dinero Payment Services. On the basis of fake KYC, shell companies were shown as e-commerce platforms to reach the payment gateway and the system can be dodged.
Octafx funds use for fake payment
The Octafx funds were shown as online shopping, then transferred to several accounts and withdrawn as fake forex or betting payment, hiding the real source and purpose. About 50% of the user funds were diverted to the muel accounts, which were made fake payments by describing e-commerce refund, chargeback or vendor payment. The ED raid also revealed that Octafx hid the identity of the payment gateway using URL Masking technology to avoid the eyes of regulatory agencies and banks. The user was shown misleading or normal URL instead of clear payment links, making it difficult to trace the transaction. So far, the ED has attached/seized/freeze assets worth Rs 160.8 crore in this scam, including Spain -based properties.