ThePrint ThePrintPod: Rs 55 cr yacht, minijet boat, Mercedes SUV among assets of OctaFX ‘mastermind’ in Spain attached by ED
Jul 4, 2025
Explore the shocking world of forex fraud as a key mastermind faces legal action for a staggering Rs 900 crore scheme. Discover the Enforcement Directorate's stunning seizure of luxurious assets, including a lavish yacht and high-end vehicles. Delve into the intricate web of deception that fleeced investors and learn how this high-stakes scam unfolded, impacting countless lives in the process. This gripping discussion offers a glimpse into the darker side of trading and the repercussions of financial misdeeds.
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Complex Offshore Fraud Scheme
- Pavel Prozorov masterminded an Rs 800 crore forex trading fraud linked to OctaFX, operating across multiple countries.
- The scheme used dummy entities and fake documents to launder money and evade regulatory scrutiny.
Manipulated Trades and Fake Accounts
- OktaFX manipulated financial transactions using slippage and excessive leverage to cheat investors.
- Defrauded money was routed via fake accounts and e-wallets, masking illicit funds.
Fake Websites to Mask Transactions
- The fraudsters created over 30 fake e-commerce websites to simulate legitimate financial transactions.
- This was done to comply with RBI norms and disguise illicit money flows.