The Enforcement Directorate (ED) has now frozen assets worth INR 21.14 crore belonging to online forex trading app OctaFX, as part of its ongoing crackdown.
This comes after agents raided multiple locations belonging to the company’s Indian arm over concerns about alleged violations of Foreign Exchange Management Act (FEMA) norms. “The ED has frozen the account balance of M/s OctaFX and related entities in various bank accounts to the tune of INR 21.14 Cr.” OctaFX is not authorised by the RBI to conduct forex trading, and its conduct and operations are illegal: ED. The RBI warned the public earlier this month in an Alert List not to use OctaFX for forex trading.
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