Archive · 17 Jun 2025
ED Raids in Forex Trading Scam: OctaFX Defrauds Investors
Imagine a company called OctaFX that promised people big money if they invested in trading foreign money.
They didn't have permission from the government to do this in India.
They tricked people into investing, taking over ₹800 crore.
The company used sneaky tricks, like hiding where the money went and using fake accounts, to avoid getting caught.
Investigators are now looking at where the money went and have frozen some of the company's assets.
The Enforcement Directorate (ED) conducted raids in multiple cities, including Mumbai, Delhi, and Chennai, linked to an illegal forex trading scheme.
The investigation centers on the OctaFX Trading App and website, which allegedly defrauded investors of over ₹800 crore.
OctaFX operated without authorization from the Reserve Bank of India (RBI) and used URL masking to hide payment gateways.
Funds were routed through mule accounts and disguised as e-commerce transactions to evade regulatory oversight.
The ED has seized assets worth ₹160.8 crore and filed prosecution complaints in the case.
- Who
- The ED is investigating OctaFX and its associates.
- What
- The Enforcement Directorate (ED) is investigating an illegal forex trading scheme involving OctaFX.
- When
- Searches were conducted on June 13.
- Where
- Searches were conducted across Mumbai, Delhi, Chennai, and Gurgaon.
- Why
- To investigate a money laundering case and illegal forex trading, where investors were defrauded of over ₹800 crore.
ED's Findings
OctaFX
Allegations
ED's Findings
OctaFX operated illegally and defrauded investors.
OctaFX
The articles do not have the viewpoint of OctaFX.
- Accused Platform
- OctaFX Trading App and website
- Total Funds Involved
- Over ₹800 crore
- Locations of Raids
- Mumbai, Delhi, Chennai, Gurgaon
- Regulatory Violations
- Operating without RBI authorization
- Assets Seized/Frozen
- ₹160.8 crore
- Method of Evasion
- URL masking, use of mule accounts
