MUMBAI: Russian national Pavel Prozorov is the mastermind in fraudulent activities via OctaFx India Pvt Ltd, through unauthorised forex trading, allegedly earning over Rs 800 crore, said Enforcement Directorate in the chargesheet filed before the special court against him and 53 others.
ED attached Pavel’s Spanish assets valued at Rs 42 crore after collecting their details and plans to enforce the attachment order in Spain through Mutual Legal Assistance Treaty. OctaFx has no office or any base in India, but is conducting business in the country, said ED. Pavel, collaborating with Russian partners and two non-resident Indians, used OctaFx’s forex trading application to mislead investors with promises of high returns. ED’s probe showed OctaFx illegally transferred fraudulently earned profit internationally using false import documents through mule accounts (provision by shell firms-individual charging commission).
According to ED’s chargesheet, OctaFx’s CEO Anna Rudaia, who managed Indian operations, fled from India through illegal routes last year when investigations into her organisation began, as there was a look-out circular against her. The chargesheet lists 13 individuals and 41 companies. Many of the firms are based abroad and under control of Pavel and an Indian-based dubious e-commerce firm and individuals who had provided mule accounts.