ED has now frozen assets worth INR 21.14 crore belonging to online forex trading app OctaFX

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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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ED has now frozen assets worth INR 21.14 crore belonging to online forex trading app OctaFX

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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