Illegal trading platform rakes in Rs 800 crore in India in just nine months

The executive director (ED), Octafx, an online trading platform in Russia, is managed by technical support works from Georgia, Indian operations from Dubai and servers are located in Barcelona. The Times of India has turned into a wider cross -operation study that allegedly transformed investigations, crime revenues into crypto currencies and converted into international payment network passages.

According to ED findings, the OctAFX, which is located in Forex, Commodity and Crypto currencies in Cyprus, was produced around 800 RS suspected crime income from Indian business only in nine months.

ED said that some of these transactions were hidden as “fake service imports için to mask illegal flows from India from Singapore. In one example, 172 RS assets at India and abroad, a yacht, a villa in Spain, RS 36 Crore in the Bank Deposit, 39,000 USDT Crypto currency and 80 RS Crore’s demat and land assets.
ED’s Mumbai Regional Unit is investigating Octafx, but among several platforms under investigation of investment fraud. Others include Güç Bank (Bengaluru Unit), Angel One, TM traders and Vivan Li (Kolkata Unit) and Zara FX (Kochi Unit). These cases are caused by more than one oven in different cities.

ED’s work emphasized similar patterns in other frauds. “Crypto currency on behalf of cyber frauds, Birfa IT and broker acting as the relevant companies, to help customers send money to China for low imports to convert a large amount of money from crypto and crypto, POC (crime revenues) was included in the crypto currency union. It was allegedly detained to Hong Kong and Canadian organizations supported by fake invoices.

The ED report also lost more than 22,800 RS in the cases of 36.4 Lakh Fraud in 2024 in 2024 – more than 200% increase in 2023 compared to 7,465 RS and more than 50% increase in cases. Sham conducts stock investments and digital arrests. Revenues were channeled through crypto currencies and sent abroad as payments for fake “imports of services”. Although some of these funds act through payment network passages, Hawala roads were also used and the parts of the laundered money were re -introduced to India, which was hidden as legitimate stock market investments.

With TOI inputs