Office for enforcement of law (ed) Mumbai attached real estate £131.45 crore from Russian Pavel Vzorov, including luxury yachts and assets in Spain, as part of the probe into unauthorized trading in Forex Octafx according to the Act on Money Waste Prevention (PMLA), 2002.
The release of Ed 3. July said: “These assets include Pavel Vzorov, the main mind behind the Octafx platform. The assets include moving properties in the form of luxury yachts, mini -boat, luxury cars and still features in the form of two residential properties in the Spain.
The probe started after the company filed by Shivaji Nagar PS in Pune accused several individuals of deceptive investors with false promises of high returns through the Octafx Forex trading platform.
According to the ED, Octafx investigation, he promoted via IPL, social media and celebrities, washing funds by collecting money by investor’s money through Mule accounts in the names of false electronic trading companies.
“These Shell companies with fictitious directors and manipulated KYCS approached the payment gates acting as legitimate traders. Funds were directed through unauthorized aggregators of payments and accounts and add layers to cover ownership and transaction purposes,” Ed said.
The agency said Octafx deliberately changed its URL and web addresses to hide its fraudulent activities from investors. The platform also manipulated trades that led to significant losses of investors when switching to e-atoda and accounts of fictitious entities, she added.
Ed also noted that Octafx generated £800 Crore in criminal proceeds from his operations in India within nine months.
The funds stolen to investors have been moved from India because the false imports of services to subjects controlled by Paul across countries, including Spain, Estonia, Russia, Hong Kong, Singapore, Sae and the UK, said.
(Tagstotranslate) Directorate for recovery
