ED Summons Nia Sharma, Krystle D’Souza, And Karan Wahi For Alleged Connection In Money Laundering Case

As reported by News18, the Enforcement Directorate issued summons to Nia Sharma, Krystle D’Souza, and Karan Wahi on July 3. The trio is being questioned by the investigating agency for their involvement in a money laundering case connected to an illegal online forex trading app. The app – OctaFx trading app and OctaFX.com – are managed through international brokers.

Reports also mentioned that the ED has frozen Rs 2.7 crores in bank funds and has also seized several illegal documents and digital devices. Earlier, Sharma was summoned by the ED for allegedly promoting the app. T

OctaFX Trading App - What is it?

The app uses a referral-based system by roping in influencers to promote the app on social media and it also offers referral-based incentives to encourage users to start trading on its platform. Additionally, ED has also identified several bank accounts in India that have been trading using the OctaFx app. The agency revealed that the funds were acquired by defrauding the investors and by transferring them to bank accounts under dummy entities. Numerous investors using the app were defrauded by agents who had illegally acquired their funds. The platform also engaged in manipulative trading practices which caused substantial financial losses for the users. To attract more investors to their app, OctaFx used misleading and fraudulent advertising. To manage its operations and promote forex trading among Indian residents, the app hired several Indian nationals working in Spain and Russia.

On the work front, Sharma is currently seen in ‘Suhagan Chudail’ and ‘Laughter Chefs.’ Wahi is currently seen in ‘Raisinghani vs Raisinghani’ while D’Souza was last seen in ‘Belan Wali Bahu.’