ED Busts $2.56B Money Laundering Ring via OctaFX, Seizes $19M in Assets
India's Enforcement Directorate (ED) has made a significant breakthrough in its fight against cyber fraud. It has uncovered a vast money laundering operation centred around the illegal trading platform OctaFX, with losses totalling over $2.56 billion in 2024 alone.
The ED discovered that OctaFX, along with several other illegal platforms, was under investigation for similar crimes. The agency seized assets worth $19 million across multiple jurisdictions, including a yacht, a villa, bank accounts, crypto holdings, land, and stock market investments. This seizure is one of the largest in recent times, highlighting the scale of the operation.
The ED found that Birfa IT acted as a broker, facilitating the conversion of money to and from cryptocurrency for clients sending funds to China for under-invoiced imports. OctaFX, on the other hand, used a complex network of shell firms, fake imports, and an ancient form of money transfer called hawala to move illicit funds into cryptocurrency. This sophisticated money laundering scheme allowed the criminals to evade detection and move large sums of money across borders.
The ED's investigation into OctaFX and its associates is ongoing. While the individuals or groups behind the shell companies linked to the illegal platform remain anonymous, the ED's efforts have resulted in the seizure of significant assets and the disruption of a major money laundering operation. The increase in cyber fraud cases and losses in India underscores the need for continued vigilance and robust law enforcement efforts to combat this growing threat.
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