Indian Enforcement Directorate freezes $270 million in crypto assets related to OctaFX scam

ChainCatcher news, according to Finance Feeds, the Indian Enforcement Directorate (ED) has frozen cryptocurrency assets worth 23.85 billion rupees (approximately $270 million) related to the Indian OctaFX scam case. With this latest action, the total value of assets seized and frozen in the OctaFX case has reached 26.81 billion rupees.

The main perpetrator in the case, Pavel Prozorov, has been arrested in Spain, and Indian authorities are pushing for extradition proceedings. Investigations 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. This latest freeze of cryptocurrency assets reveals a new path for money laundering in the case.