Indian authorities have uncovered the illegal crypto trading platform OctaFX, which processed more than $96 million in transactions over nine months.
According to local police, some of the funds were laundered through fictitious services operating out of Singapore. Most of the payments sent overseas were made under the guise of server rental payments, while others were made through escrow services using fake accounts. Authorities also discovered a yacht, a plot of land, and 39,000 USDT associated with this platform.
Meanwhile, police said OctaFX is not the only platform under investigation.
Cyber fraud disguised as cryptocurrency transactions involved Birfa IT and related firms acting as brokers. They converted huge sums of money into and out of cryptocurrency to help clients send money to China to pay for imports at discounted prices, and also laundered the proceeds of crime (PoC) through cryptocurrency, according to a statement from authorities.
Indians lost over Rs 22,8 crore in 36,4 million financial fraud cases in 2024, up 206% from the losses recorded in 2023, according to police data.