look news india
New Delhi, April 20 (Hindustan Reporter) The Enforcement Directorate (ED) has seized bank funds worth Rs 2.7 crore in the OctaFX illegal online forex trading case under the PMLA, 2002 provision.
The central probe agency said in a statement issued on Saturday that the ED's Mumbai team has seized bank money worth Rs 2.7 crore during the search operation on the app and website http://octafx.com. Various incriminating documents and digital devices have also been seized during this search operation.
ED said that for this, on April 18, under the Prevention of Money Laundering Act (PMLA), 2002, a case of illegal online forex trading through international brokers i.e. Octafax Trading is going on at various places in Mumbai, Chennai, Kolkata and Delhi. A search operation was conducted as part of the investigation.
According to the investigating agency, OctaFX India Private Limited, M/s OctaFX and their entities have defrauded investors in the guise of forex trading, and made profits of more than Rs 500 crore from the Indian sector.