Daijiworld Media Network – New Delhi

New Delhi, Jun 17: The Enforcement Directorate (ED) has unearthed a massive Rs 800 cr online forex trading scam operated through the OctaFX app and website, conducting raids at seven locations across Mumbai, Delhi, Chennai, and Gurugram on June 13.

According to officials, the scam involved luring Indian investors with promises of high returns on foreign exchange trades. However, instead of genuine investments, the funds were routed through fake mule accounts using masked URLs and forged Know Your Customer (KYC) documents to obscure the money trail.

Investigations revealed that OctaFX and its subsidiary OctaFX India Pvt Ltd were operating illegally without authorisation from the Reserve Bank of India (RBI). Funds collected from investors were first transferred into fraudulent accounts and later moved into an escrow account managed by Dinero Payment Services — an unauthorised payment aggregator.

The ED further found that several shell companies posing as fake e-commerce platforms were used to camouflage forex transactions as online shopping, vendor payments, refunds, and chargebacks.

To mislead banks and regulators, payment URLs were masked, effectively hiding the illegal origins and destinations of the funds.

The agency has so far attached and seized assets worth over Rs 160 cr, including immovable properties in Spain. Two chargesheets have been filed in connection with the case, while the hunt continues for other suspects involved in the international money laundering network.