Key Points
- Harshal Shantaram Pinjan’s complaint uncovered a Rs 900 crore fraud involving OctaFx.
- The scam primarily targeted people with hearing impairments, defrauding over 500 individuals.
- Pune Police and the Enforcement Directorate are currently investigating.
- The fraud used a pyramid scheme and shady trading tactics.
- Authorities are seeking international help to trace and recover lost funds.
Looma News
It all started when Harshal Shantaram Pinjan, a 42-year-old office worker from Pune, got drawn into the enticing offers from the OctaFx forex trading platform. Promised the chance to double his money, he ended up investing Rs 8 lakh after cashing out his gold and life insurance. Sadly, he wasn’t the only one caught in this deceitful trap.
Pinjan, who has hearing impairments, started feeling something was off and reported his contact, who pulled him into this scheme, back in December 2021. What began as a small inquiry quickly turned into a massive fraud case, with the Economic Offences Wing discovering that over 500 people, many with similar disabilities, were scammed out of Rs 4-5 crore. And that’s just the beginning.
The Big Picture
Now, authorities are estimating total losses at a staggering Rs 900 crore in just one year, with the Enforcement Directorate stepping in to tackle this huge international scam. They’re investigating how the app, once endorsed by famous TV personalities and even linked to an IPL team, managed to fool so many people.
The masterminds behind this operation were clever. They set up a pyramid scheme, encouraging victims to recruit others, which only expanded their scam. With slick ads and a seemingly legit setup, like asking users to deposit money into local Indian bank accounts, the fraudsters made everything look above board. But once the cash was in, it vanished fast.
Cracking Down
Now, the ED is on the case, having already attached assets worth around Rs 38 crore and seized another Rs 100 crore from shady accounts. They’re even thinking about reaching out to foreign authorities since the ringleaders are believed to be operating from places like Spain and Russia.
Cybercrime in India has been climbing, and this case is a glaring reminder of the risks that come with online trading. As authorities dig deeper, there’s hope for justice and for victims to get some of their hard-earned money back.
This is definitely a wake-up call for anyone considering jumping into the forex trading world, especially when things sound too good to be true.
