Indian Authorities Issue Interpol Notice for Alleged OctaFX Mastermind; Broker Denies Involvement

Indian law enforcement has issued an Interpol Silver Notice to locate the assets of Pavel Prozorov, the alleged "mastermind behind the OctaFX platform." The move involves coordination with the Federal Bureau of Investigation (FBI) and Europol to trace funds and properties across multiple jurisdictions.

According to reports, international cooperation has already yielded results, with Spanish authorities identifying eleven properties and four vehicles linked to Prozorov, and Estonian officials providing details on associated companies. An Interpol Silver Notice is specifically used to locate, identify, monitor, and freeze illegal assets for recovery purposes.

This development follows significant actions by India’s Enforcement Directorate (ED), which has attached assets totaling 2,681 crore rupees (approximately $304.7 million), including immovable properties and a luxury yacht. The ED alleges that OctaFX "systematically duped Indian investors" out of over $213 million between July 2022 and April 2023, comparing the operation to a "typical Ponzi scheme." Authorities estimate the platform's profits from India exceeded $568 million between 2019 and 2024.

The ED claims the platform laundered gains through "unauthorized payment aggregators" to entities controlled by Prozorov abroad. However, the global Octa brand has firmly denied these accusations. A representative stated, "As a global broker, Octa is neither involved in nor has any information about Pavel Prozorov’s affairs," adding that the global entity is not facing legal proceedings in India.

"We strongly refute any allegations of money laundering, promises of quick riches and high returns, and trading manipulations," the Octa representative added. The company emphasized its adherence to international KYC and AML standards. Previously, OctaFX's separate Indian unit settled with local regulators for $37,000 and surrendered its license.