Octafx Case: Luxury Yacht, Minijet Boat, Cars And Other Assets Of Pavel Prozorov Worth ₹131.45 Cr Attached By ED

(MENAFN- Live Mint) The Enforcement Directorate's (ED) Mumbai office has attached properties valued at ₹131.45 crore from Russian Pavel Prozorov, including a luxury yacht and assets in Spain, as part of the probe into OctaFX's unauthorised forex trading under the Prevention of Money Laundering Act (PMLA), 2002.

A release by the ED on July 3 stated,“These assets belong to Pavel Prozorov, the mastermind behind the platform OctaFx. The assets include movable properties in the form of a luxury yacht, a minijet boat, luxury car and immovable properties in the form of two residential properties in Spain . The luxury yacht goes by the name“Cherry” is an Italian model commercial yacht cruising in the Western Mediterranean.”

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The probe was initiated after an FIR filed by Shivaji Nagar PS in Pune charged multiple individuals with deceiving investors with false promises of high returns through the OctaFX forex trading platform.

According to the ED investigation, OctaFX promoted through IPL, social media , and celebrities, laundering funds by collecting investor money via mule accounts in the names of fake e-commerce companies.

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“These shell firms, with dummy directors and manipulated KYCs, accessed payment gateways posing as legitimate merchants. Funds were routed through unauthorised payment aggregators and escrow accounts, adding layers to obscure ownership and transaction purpose,” the ED said.

The agency stated that OctaFX deliberately altered its login URLs and web addresses to hide its fraudulent activities from investors. The platform also manipulated trades that led to significant investor losses while shifting funds into e-wallets and accounts of fictitious entities, it added.

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The ED also noted that Octafx generated ₹800 crore in proceeds of crime from its operations in India over nine months.

Funds stolen from investors were transferred out of India as fake service imports to entities controlled by Pavel across countries, including Spain, Estonia, Russia, Hong Kong, Singapore, the UAE, and the UK, the agency said.

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