New Delhi- Cryptocurrency worth Rs 2,385 crore has been attached under the anti-money laundering law and the Spanish“mastermind” of the alleged multi-crore OctaFX Ponzi scam has been arrested in that country, the Enforcement Directorate (ED) said on Friday.
The case pertains to a“fraud” where several investors are alleged to have been duped on the false promise of high returns through the OctaFX forex trading platform.

A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach cryptocurrencies worth Rs 2,385 crore in connection with the ongoing investigation against the“unauthorised” forex trading platform OctaFX.

The alleged mastermind of the fraud - Pavel Prozorov - has been arrested from Spain by the local police authorities, based on his involvement in cybercrimes affecting multiple countries, the agency said in a statement.

OctaFX, as per the ED,“systematically duped” Indian investors of Rs 1,875 crore between July 2022-April 2023, generating profits of around Rs 800 crore, through a multi-country operation.

The company operated from 2019-2024 and the total profits from India are estimated to exceed Rs 5,000 crore, much of which has been“illicitly” transferred overseas, it said.

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