Citing Bitcoin.com, Indian authorities have frozen cryptocurrency assets worth approximately $271 million under the Prevention of Money Laundering Act (PMLA) as part of a crackdown on illegal forex trading. The Directorate of Enforcement (ED) announced the seizure on October 17, following an investigation into OctaFX, an unlicensed online forex trading platform. The probe revealed that OctaFX defrauded Indian investors of around Rs. 1,875 crore between July 2022 and April 2023, using a Ponzi-like scheme to generate profits. The platform allegedly transferred over Rs. 5,000 crore abroad through shell entities and unauthorized payment channels, disguising the funds as software and R&D payments. Pavel Prozorov, the alleged mastermind, was arrested in Spain. Authorities have also attached Rs. 2,681 crore in assets, including 19 properties and a luxury yacht in Spain.
India Freezes $271M in Crypto Amid Crackdown on Illegal Forex Trading
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