The Mastermind Behind the Scandal

In a significant development, the Enforcement Directorate has named Russian national Pavel Prozorov as the mastermind behind the fraudulent activities of OctaFx India Pvt Ltd. This unauthorized forex trading scheme has allegedly amassed over Rs 800 crore, according to the chargesheet filed against Prozorov and 53 others.

International Assets Seized

The ED has attached Pavel's Spanish assets valued at Rs 42 crore, with plans to enforce the attachment order in Spain through the Mutual Legal Assistance Treaty. Despite having no office or base in India, OctaFx has been conducting business in the country, misleading investors with promises of high returns through its forex trading application.

Illegal Transfers and Fleeing CEO

Investigations revealed that OctaFx illegally transferred fraudulently earned profits internationally using false import documents through mule accounts. The chargesheet also mentions OctaFx's CEO, Anna Rudaia, who managed Indian operations and fled the country through illegal routes last year when investigations began.

Chargesheet Details

The chargesheet lists 13 individuals and 41 companies, many of which are based abroad and under the control of Pavel and an Indian-based dubious e-commerce firm, along with individuals who provided mule accounts.