🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

ED Mumbai raids uncover Rs 80.43 Cr in illegal OctaFx trading

YourStoryYourStory · 11m ago
ED Mumbai raids uncover Rs 80.43 Cr in illegal OctaFx trading
Medial

The Enforcement Directorate's Mumbai unit has frozen movable properties worth around Rs 80.43 crore (approx. $11 million) during searches conducted as part of an ongoing investigation into illegal online forex trading conducted through the OctaFx trading app and website. The frozen assets include bank funds and Demat account holdings. Documents, digital devices, and incriminating evidence were also seized. The total attachment and freezing in the case has now reached approximately Rs 118 crore (approx. $16 million). The investigation was initiated based on a complaint lodged at a police station in Pune, accusing several individuals of defrauding people through forex trading on the OctaFx platform.

3

Related News

EaseMyTrip co-founder Nishant Pitti under ED scanner in Mahadev App case

EntrackrEntrackr · 3m ago
EaseMyTrip co-founder Nishant Pitti under ED scanner in Mahadev App case
Medial

The Enforcement Directorate (ED) on Wednesday carried out searches in multiple states as part of its probe into the Mahadev online betting app case, news agency PTI reported. The raids included the premises of EaseMyTrip founder and chairman Nishant Pitti. Citing unnamed officials, the report added that the searches were held in Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur. The ED is investigating alleged money laundering linked to the Mahadev app, which is said to have been used for illegal betting activities. The Mahadev app is reported to have provided platforms for creating user accounts, enrolling new users, and handling funds through fake bank accounts. The ED has earlier claimed that the app’s promoters, Sourabh Chandrakar and Ravi Uppal, are from Chhattisgarh. The agency has also said that many senior politicians and government officers from Chhattisgarh may be involved in the operation and money transfers connected to the app. This is not the first time the ED has conducted raids in this case. Earlier searches were also held at various locations as part of the ongoing investigation.

Probo assures full cooperation with authorities after ED raids

EntrackrEntrackr · 5d ago
Probo assures full cooperation with authorities after ED raids
Medial

Probo assures full cooperation with authorities after ED raids Following the Enforcement Directorate's raids on Probo and seizure of assets worth Rs 284 crore, the Gurugram-based startup has issued a public statement addressing the developments. The company emphasized that it is fully cooperating with law enforcement in the ongoing inquiry and expressed confidence in emerging stronger through the process. “In light of recent developments, we would like to assure all stakeholders and the public that Probo is cooperating with law enforcement authorities in the ongoing inquiries,” a spokesperson said. Probo highlighted its role in building a “nascent-yet-transformative” technology and underscored its belief in India’s regulatory ecosystem. “We remain confident that our commitment to compliance and innovation will help us emerge stronger. We have complete faith in India's robust regulatory framework and its vision for responsible tech innovation,” the spokesperson added. Probo, which claims to operate a skill-based platform and India's leading information marketplace, also shared metrics on its user base and reach. According to the statement, over 4.2 crore users have accessed the platform, which the company says offers wealth creation opportunities beyond traditional financial systems. The company also reaffirmed its adherence to applicable laws and emphasized user safety and trust as top priorities. The ED action is part of a broader probe into what the agency has termed "illegal online betting operations under the guise of opinion trading.” Probo is among several platforms currently under scrutiny.

Betting app Fiewin in ED crosshairs; attaches assets including cryptocurrency in Binance

Economic TimesEconomic Times · 9m ago
Betting app Fiewin in ED crosshairs; attaches assets including cryptocurrency in Binance
Medial

The Enforcement Directorate (ED) has seized assets, including cryptocurrency in Binance wallets, as part of an investigation into illegal online applications connected to Chinese nationals. Indian accomplices assisted Chinese nationals in running the illegal betting/gaming app called Fiewin, which promised easy money. The app generated around Rs 400 crore ($53 million) through simple luck-based games before the funds were funneled into Binance wallets owned by Chinese nationals. The ED has attached assets worth Rs 25.78 crore ($3.4 million), including cryptocurrency worth Rs 24.9 crore ($3.3 million) belonging to the Chinese nationals. Several Chinese nationals have been identified in connection with the case.

Download the medial app to read full posts, comements and news.