OctaFx Money Laundering Case: Indian Govt Sends MLAT to Spain for Asset Seizure

The OctaFx money laundering case has taken a significant turn as the Enforcement Directorate (ED) of India attaches 19 properties worth Rs 41.73 crore in Barcelona, Spain. These properties are linked to Pavel Prozorov, a Russian national who is allegedly the mastermind behind the illicit financial operations of the OctaFx trading platform. The attachment was made under the Prevention of Money Laundering Act (PMLA), 2002, marking a critical step in the investigation of this large-scale money laundering scheme.
ED Targets 19 Properties in Spain Linked to OctaFx Money Laundering Case
The ED identified 11 properties directly registered in Pavel Prozorov's name and 8 others connected to companies associated with him and OctaFx. These properties are located in prime areas of Barcelona, including Sitges and Vilanova i la Geltrú, where Iskedez Solutions FZCO, a UAE-based company linked to Prozorov, is also involved. The investigation has revealed that funds from unauthorized forex trading operations in India were routed through shell companies to Iskedez Solutions in Dubai, further complicating the global financial irregularities tied to the platform.
OctaFx Money Laundering Case Unveils Prozorov’s Global Financial Network
The ED’s findings also include several properties tied to Arlear INC OUE, an Estonian company where Prozorov is the main shareholder. This company was involved in remittances to Indian companies for promotional campaigns of OctaFx, and another IT company, Ambar Soluciones SA, was linked to OctaFx’s payment-related issues. The ED has continued to coordinate with Spanish authorities under the Mutual Legal Assistance Treaty (MLAT) to secure the legal seizure of these assets.
OctaFx Denies Allegations in Money Laundering Case
Despite these findings, OctaFx has denied any involvement in the properties under investigation, stating in a public statement that they do not operate in Spain and have not received any legal communications regarding the property attachments. The company has refuted the money laundering allegations and emphasized its commitment to maintaining a secure and lawful trading environment.
The OctaFx money laundering case continues to unfold, with the ED pushing for further action to dismantle the global network allegedly led by Pavel Prozorov. The investigation is focused on the illegal activities surrounding forex trading and its implications on international finance.