ED Seeks Spain's Help to Probe OctaFX Mastermind Pavel Prozorov in Rs 800 Crore Case
The Enforcement Directorate (ED) in Mumbai has sent a formal letter of request to Spain seeking assistance, records, and evidence against Pavel Prozorov, the alleged mastermind behind the OctaFX online forex trading platform. The international request, sent on July 13, 2026, aims to gather crucial documents on shell companies and digital assets to probe a money laundering network accused of cheating Indian investors of over Rs 800 crore.
According to the ED, Prozorov is a Russian national who is currently residing in Barcelona, Spain. The agency's investigation revealed that OctaFX cheated investors through its Indian subsidiary, and the ED is probing alleged money laundering by the firm and its promoter.
The investigation further revealed that several entities incorporated in the Kingdom of Spain, including M/s Amber Soluciones (AS) and M/s Mercats City SL, played a significant role in the functioning of the OctaFX network. The ED stated that substantial digital infrastructure, servers, financial records, and other evidence relevant to the ongoing investigation are situated within Spain.
The central agency has also identified multiple movable and immovable properties in Spain that are beneficially owned by Prozorov and entities under his control.
This request follows a series of provisional asset attachments previously executed by the agency. In December 2024, the ED provisionally attached 19 immovable properties in Spain with an aggregate value of approximately Rs 41.73 crore.
Subsequently, in July 2025, the agency provisionally attached three movable and two immovable Spanish properties valued at approximately Rs 131.45 crore. Later, in September 2025, cryptocurrency assets valued at approximately USD 27,07,16,113, which are beneficially owned by Prozorov and presently under the control of the Spanish Guardia Civil, were also provisionally attached.
The ED now requires the assistance of Spanish authorities to execute the attachment of these assets and to collect further evidence against Prozorov and his associated shell companies.
