The Indian Enforcement Directorate freezes $270 million in crypto assets related to the OctaFX scam

ChainCatcher news, according to Finance Feeds, the Enforcement Directorate (ED) of India has frozen cryptocurrency assets worth ₹23.85 billion (approximately $270 million) related to the OctaFX scam case in India. With this latest action, the total value of assets seized and frozen in the OctaFX case has reached ₹26.81 billion.

The main suspect, Pavel Prozorov, has been arrested in Spain, and Indian authorities are pushing for extradition. Investigations show that OctaFX lured investors through unauthorized forex trading platforms, defrauding Indian investors of ₹18.75 billion between July 2022 and April 2023, and used shell companies and cryptocurrency channels to transfer funds. Previously, the ED had seized physical assets such as yachts and luxury homes, and this latest freeze on cryptocurrency reveals new pathways for money laundering in the case.