On July 22, 2024, the Directorate of Enforcement (ED) conducted extensive search operations in Mumbai, Kolkata, Delhi, and Gurgaon as part of an investigation into illegal online forex trading involving the OctaFx Trading App. The ED froze approximately Rs. 80.43 crore in bank and demat account funds and seized incriminating documents and digital devices.

The investigation, prompted by an FIR from Shivaji Nagar Police Station, Pune, revealed that OctaFx operated in India without RBI authorization, defrauding investors of over Rs. 1,000 crore. Funds were laundered through shell companies and complex transactions, with assets worth Rs. 38 crore attached, including cryptocurrencies and gold. Further, OctaFx disguised illicit funds as legitimate investments through SEBI-registered AIFs and used overseas entities for promotional activities. The total amount frozen in this case is around Rs. 118 crore, with ongoing investigations expected to uncover more details.