India Freezes $270 Million in Crypto Assets Linked to OctaFX Fraud Case

According to PANews, the Indian Enforcement Directorate (ED) has frozen cryptocurrency assets valued at 23.85 billion rupees (approximately $270 million) in connection with the OctaFX fraud case. This latest action brings the total value of seized and frozen assets in the case to 26.81 billion rupees. The main suspect, Pavel Prozorov, has been arrested in Spain, and Indian authorities are pursuing extradition proceedings. Investigations revealed that OctaFX lured investors through unauthorized forex trading platforms, defrauding Indian investors of 18.75 billion rupees between July 2022 and April 2023. The scheme involved using shell companies and cryptocurrency channels to transfer funds. Previously, the Enforcement Directorate had seized physical assets such as yachts and luxury homes. The current focus on freezing cryptocurrency assets highlights new avenues for money laundering in the case.