India&'s Enforcement Directorate freezes Rs 2,385 crore in crypto assets linked to OctaFX scam
On October 21st, the Enforcement Directorate (ED) of India froze cryptocurrency assets worth 23.85 billion rupees (approximately $270 million) related to the OctaFX scam case in India. With this latest action, the total value of assets seized and frozen in the OctaFX case has reached 26.81 billion rupees. The main culprit in the case, Pavel Prozorov, has been arrested in Spain, and India is currently working on extradition proceedings. Investigations have revealed that OctaFX lured investors through unauthorized forex trading platforms, defrauding Indian investors of 18.75 billion rupees between July 2022 and April 2023, and used shell companies and cryptocurrency channels to transfer funds. Previously, the Enforcement Directorate had seized physical assets such as yachts and luxury homes, and this latest freezing of cryptocurrency assets reveals a new path for money laundering in the case.