OctaFX Global distances itself from ₹800 crore Forex scam

In the Rs800 crore alleged forex trading scam with OctaFX Global at its centre, the company has mounted a strong public defence, categorically denying any connection with the accused Russian national, Aleksandrovich Prozorov, who allegedly masterminded the illegal network that also infiltrated India.

- Ashish Singh

In an e-mail interaction with the FPJ, a representative of OctaFX Global said, "We have no ownership, association, or knowledge of Mr Pavel Prozorov." He also alleged that Prozorov is the beneficial owner of OctaFX India Pvt Ltd (Tauga Pvt Ltd), a firm it claims is completely unrelated to the global entity.

However, the Enforcement Directorate (ED), which is investigating the scam, presented a more damning narrative. The ED probe has directly accused Tauga Pvt Ltd of acting as the Indian front for Prozorov's network.