ED questions TV actors in online forex trading platform OctaFX
In April, the federal agency conducted search operations at various locations in Mumbai, Chennai, Kolkata and Delhi and froze Rs 2.7 crore in bank funds
New Delhi, July 5
The Enforcement Directorate (ED) questioned TC actors Krystle Dsouza and Karan Wahi, in connection with a money laundering case against online forex trading platform OctaFX.
The agency had summoned actors Krystle Dsouza, Karan Wahi and Nia Sharma in connection with the promotion of the said platform. Nia Sharma however failed to appear before the ED.
The ED had begun an investigation in the trading site and found that the platform was cheating investors in the guise of investing in forex and earning profits of more than Rs 500 crore.
In April, the federal agency conducted search operations at various locations in Mumbai, Chennai, Kolkata and Delhi and froze Rs 2.7 crore in bank funds, and several illegal documents and digital devices were seized.
The ED probe stemmed from an FIR registered by Shivaji Nagar Police Station, Pune, against several persons for defrauding investors by promising high returns through forex trading.
The ED said the OctaFx online trading app and website were operating in India in association with India-based entity OctaFX India Private Limited. The app OCTAFX and its website have not been authorised by RBI to deal in forex trading. The platform was widely promoted on social networking sites and followed referral-based incentive models for acquiring users to their platforms.
As per the investigation that multiple accounts of different Indian banks were being shown to investors on the app and website for collecting funds in the guise of facilitating forex trading. OctaFx manipulated trade activities and information shown on its platform resulted in net loss to the traders.
The funds, after defrauding the investors, were transferred to multiple e-wallet accounts or to bank accounts of dummy entities. The firm earned a profit of more than Rs 500 crore from India. A portion of these funds were layered through a web of complex transactions with the help of shell entities and remitted abroad to its related entities in the garb of bogus freight services, import of services, etc, officials added.
The agency has seized assets worth Rs 35 crore in the form of cryptocurrencies, bank balances, and gold coins.
