India authorities investigate the Octafx platform for capital washing with cryptocurrencies
By Angel di Matteo @Shadowargel
According to the authorities, it is estimated that Octafx He would have diverted and legitimized the equivalent of USD $ 96 million in India. The distribution of their operations has allowed them to move capital internationally, making it impossible for researchers to faithfully follow the trail.
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- Octafx Under investigation for washing more than USD $ 96 million in India.
- Promoters in Russia and technical support in Georgia, with operations from Dubai.
- Ed Track global network of fraud linked to cryptocurrencies and illegal transfers.
In recent months, India authorities have intensified investigations against an alleged network of international financial fraud. The most recent case points to the online trading platform Octafx, accused of illegally moving more than USD $ 96 million in just nine months.
According to the Compliance address (ED), Octafx It would be involved in money laundering operations through transcontinental structures that convert illegal profits into digital assets and use international payment catwalks to hide their origin, he says Cryptopolitan.
An operation with global connections
The authorities indicated that the main leaders of the platform reside in Russia, while technical support comes from Georgia. The control of its operations in India is carried out from Dubai and the network servers are located in Barcelona. This international distribution has allowed the service to handle large sums of money under the reach of local regulation.
In a particular case, the Ed He managed to link assets estimated at USD $ 20.6 million. Among them include a yacht, a villa in Spain, money deposited in banks, 39,000 USDT, Land and Investment Accounts (DEMAT).
The ED report describes how part of the funds were disguised through false import invoices from Singapore. This modus operandi allowed Octafx justify millionaire transfers and divert capital outside India.
According to the agency, these operations were disguised as payments for leasing servers or custody services under fictitious contracts. Other transfers used false billing to appear non -existent imports.
A broader problem that Octafx
Octafx It is not the only platform under investigation. ED regional offices have identified similar schemes in several cities. In Bengaluru, the case of Power Bank; In Kolkata, those of Angel One, TM Traders and Vivan Li; And in Kochi, the ZARA FX. All of them are related to complaints of digital investment scams and money laundering.
The agency also revealed that cyber fraud on the name of cryptocurrencies have been used by companies such as Birfa It, that acted as intermediaries to turn great amounts into cryptoactive. These were then used to send funds to China in import subfacturing operations.
In a single case, it was detected that Birfa It And associated signatures managed to transfer great sums to entities in Hong Kong and Canada under their control, all through forged documentation.
The data published by the ED show a drastic increase in the losses reported by the Indians due to financial fraud. Only in 2024, there was a 206% growth compared to 2023 in the field of legitimate capital products.
In addition, the cases investigated by the agency increased by 50% from one year to another, which shows the magnitude of the problem and the growing sophistication of criminal networks.
International networks and use of cryptocurrencies
The authorities also discovered schemes operated from Laos, Hong Kong and Thailand, where ghost companies with counterfeit documents were maintained. These organizations recruited Indian citizens to execute crimes that included false campaigns of stock markets (IPo), Simulated stock investments and even “Digital arrests” to extort victims.
The funds obtained through these practices were channeled through fictitious companies and then converted into digital assets. Subsequently, they were sent abroad as supposed import payments. A part of the transactions used international payment catwalks, while another was carried out through informal systems such as Hawala.
In some cases, it was even detected that part of the money returned to India disguised as legitimate investments in financial markets, a mechanism that further hindered its tracking.
Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin
Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.
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