Indian authorities claim illegal trading platform laundered $96M in 9 months
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Indian authorities have claimed that an illegal trading platform has processed more than Rs. 800 crore (approximately $96 million) in the past nine months. According to authorities, its promoters are based in Russia, while technical support is based in Georgia. Meanwhile, its Indian operations are handled from Dubai, with the servers located in Barcelona. The illegal online trading platform, OctaFX, is being investigated by Indian authorities for laundering thousands of crores of rupees from India to tax havens over the past few years. According to the Enforcement Directorate (ED), the platform has become a part of a study into transcontinental operations that convert proceeds of crime into digital assets and use the services of international payment gateways. Indian authorities allege OctaFX made $96 million from crime proceeds Indian authorities claimed that a multi-agency investigation has revealed that OctaFX made more than $96 million of alleged crime proceeds in nine months. According to authorities, some of the funds were layered, with the platform allegedly using fake import services from Singapore to launder criminal proceeds from India. In a particular case, the ED was able to connect Rs. 172 crore worth of assets in India and abroad, including a yacht, a villa located in Spain, Rs. 36 crore in banks, 39,000 USDT, land, and Demat holdings of about Rs. 80 crore. Meanwhile, authorities have claimed that OctaFX is not the only platform being investigated by the ED office in the Mumbai zonal unit. Other alleged illegal online platforms carrying out investment frauds include Power Bank, which is under investigation at the Bengaluru zonal unit. Angel One, TM Traders, and Vivan Li are also being investigated by the Kolkata zonal unit, while Zara FX is being investigated by the ED office at the Kochi unit. The ED’s cases across its offices are based…
Filed under: News - @ October 4, 2025 8:25 am