Bombay HC temporarily blocks attachment of properties linked to Pavel Prozorov, accused in ₹1,875 crore OctaFX scam, pending further hearing
Bombay High Court Temporarily Restrains Property Attachment of Pavel Prozorov
MUMBAI: The Bombay High Court has temporarily stopped the adjudicating authority under the Prevention of Money Laundering Act (PMLA) from confirming the attachment of properties belonging to Russian national Pavel Aleksandrovich Prozorov. He is the alleged mastermind of the OctaFX trading scam.
| Detail | Information |
|---|---|
| Alleged Scam Amount | ₹1,875 crore |
| Time Period of Scam | July 2022 – April 2023 |
| Provisional Property Attachment | ₹2,681 crore |
| Cryptocurrency Attachment | ₹2,385 crore |
| Hearing Date | January 19 |
| Arrest Location | Spain |
According to the Enforcement Directorate (ED), OctaFX conned Indian investors of around ₹1,875 crore by falsely promising high returns through its forex-trading platform. The ED has provisionally attached properties worth ₹2,681 crore, including cryptocurrency worth ₹2,385 crore, allegedly belonging to Pavel.
A division bench of justices Revati Mohite Dere and Sandesh Patil issued the order on December 22. This was in response to Pavel’s petition filed through his power of attorney holder, Raviraja Kanyadi. The bench has restrained the adjudicating authority under the PMLA from confirming the attachment of his properties until January 19, when his petition will be heard again.
Sources from the investigating agency stated that Pavel has been arrested in Spain for his alleged involvement in cyber fraud across multiple jurisdictions.
The ED began its money-laundering investigation based on a case registered in December 2021 by the Shivaji Nagar police station in Pune. This case involved several individuals accused of defrauding investors through the OctaFX forex-trading platform. The accused allegedly promised investors 2x returns in five months and 3x returns in eight months for investing in forex trading through OctaFX.
The ED’s investigation found that OctaFX presented itself as an online trading platform for currency, commodities, and cryptocurrency. It did not have the necessary permissions from the Reserve Bank of India (RBI). The platform operated through a global network to evade regulatory scrutiny and launder illicit funds. Its marketing was handled by entities in the British Virgin Islands (BVI), while some operations were based in Spain.
OctaFX gained popularity through aggressive promotions, including sponsoring an Indian Premier League (IPL) team and using influencer marketing, according to the ED’s charge sheets.
On October 17, 2025, the ED stated that OctaFX systematically duped Indian investors of approximately ₹1,875 crore between July 2022 and April 2023, generating profits of around ₹800 crore. The total profits from India from 2019 to 2024 are estimated to exceed ₹5,000 crore, much of which has been illicitly transferred overseas.
In October 2025, the ED provisionally attached cryptocurrency worth ₹2,385 crore in wallets allegedly owned by Pavel. Before his arrest in Spain, the agency had attached assets worth over ₹2,681 crore, including 19 immovable properties and a luxury yacht named Cherry, allegedly owned by Pavel.
In response to the ED’s actions in October 2025, a spokesperson for OctaFX denied all allegations. They stated, “We strongly refute any allegations of money laundering, promises of quick riches and high returns, and trading manipulations. The global broker Octa is operating in accordance with the laws and regulations of the jurisdictions in which it is registered and conducts business. As a global broker, Octa is neither involved in nor has any information about Pavel Prozorov’s affairs.”
