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ARTICLE · 10 SEPTEMBER 2024

Enforcements Landscape

JSA Advocates & Solicitors
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The ED in April 2024, conducted searches across Mumbai, Chennai, Kolkata, and Delhi as part of an ongoing investigation under the provisions of the PMLA involving the OctaFx Trading App...

IndiaCriminal Law
Rupinder Malik
Rupinder Malik
Kumar Kislay
Kumar Kislay
Vibhor Jain
Vibhor Jain
Archit Sehgal
Archit Sehgal
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ED conducts search operations in online forex trading case

The ED in April 2024, conducted searches across Mumbai, Chennai, Kolkata, and Delhi as part of an ongoing investigation under the provisions of the PMLA involving the OctaFx Trading App and website ("OctaFx"), allegedly accused of defrauding investors to the tune of INR 500,00,000 (Indian Rupees five hundred crore). As per publicly available sources, the ED froze INR 2,70,00,000 (Indian Rupees two crore seventy lakh) in funds and seized documents and digital devices related to the international forex scam involving brokers and traders. Total confiscations and seizures of assets amounting to INR 35,00,00,000 (Indian Rupees thirty five crore), including cryptocurrencies, bank funds, and gold coins, have been reported so far. The probe was initiated pursuant to the First Information Report ("FIR") filed at Shivaji Nagar Police Station, Pune, alleging that OctaFx manipulated trade activities on its platform,

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