The involvement by 54 accused, 41 firms and 13 individuals, were detailed in ED’s two case chargesheets submitted to a Mumbai Prevention of Money Laundering Act (PMLA) court from October to December of this year. The court has taken the cognisance of the chargesheets and issued ‘process’ against accused persons under the PMLA provisions, ED officials said.

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The probe revealed that an accused firm, M/s Octa Markets Incorporated (for brand OctaFx) served as the primary operating entity under the directorship of Prozorov. The official website of OctaFX confirmed the management and control by Octa Markets Incorporated and the agency probe further revealed its “instrumental role” in the money laundering scheme.

The ED accused that Prozorov, who was also the director of M/s OctaFx India Pvt. Ltd, allegedly exploited regulatory loopholes and established dummy entities in India. By utilising such entities to manipulate records, he allowed funds to be transferred overseas without raising suspicion.

Further, he was allegedly directing substantial promotional campaigns targeting Indian investors, including celebrity endorsements and sponsorships, in efforts to establish the platform in the market.

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Prozorov is also accused of layering, placing and integrating laundered funds as Foreign Direct Investment (FDI), misrepresenting their origins and evading compliance despite multiple summons from the agency as part of the case probe. He is also accused of direct involvement in establishing a complex web of entities and orchestrating financial flows covered under the PMLA and for his role in facilitating large-scale financial fraud and evading regulatory oversight.

The ED probe also revealed the alleged role in the case of another accused, Anna Rudaia, the former Chief Executive Officer of M/s OctaFx India Pvt Ltd, in managing the Indian operations linked to illicit forex trading and money laundering activities. She allegedly organised events to promote unauthorized trading and violated regulatory frameworks mandated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). ED accused her of evading compliance despite its multiple summons and exiting India. After her departure, Rudaia continued to manage operations remotely and facilitated the formation of another firm to continue OctaFx’s activities under a different guise.

Denying ED’s allegations, an OctaFX spokesperson said on Saturday, “We strongly refute the allegations of money laundering, of promising exorbitant returns and engaging in any activities that could put traders at a disadvantage. Octa strictly adheres to anti-money laundering practices as a law-abiding company. As a CFD broker, Octa operates as an intermediary between traders and financial markets, providing a secure and transparent space where each trade is executed fairly and independently.”