IPL 2023: Despite ED probe, Delhi Capitals nods to Octa as main sponsor, Check details

IPL 2023: Delhi Capitals Sponsor: Octa has teamed up with the Delhi Capitals to become their title sponsor in the upcoming Indian Premier League…

IPL 2023: Delhi Capitals Sponsor: Octa has partnered with Delhi Capitals to become their main sponsor in the upcoming Indian Premier League (IPL) 2022. Additionally, Octa will also be a league sponsor alongside Tata Group, CRED, Upstox, Paytm and others . For Octa, Delhi Capitals represents a like-minded community to align with for the people, said Anna Raes, the official representative of Octa.. It should be noted that OctaFX is currently under the Enforcement Directorate (ED) scanner. Follow Indian Premier League 2023 updates with InsideSport.IN

“During these difficult times, we also wanted to provide fun and enjoyment for our traders and cricket fans, so the idea of ​​the mainline sponsorship came naturally. she added.

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DC (formerly Delhi Daredevils) historically appeared in 2008 with the first IPL. After being renamed Delhi Capitals in 2018, the new management asked the team to boost their presence. Through determination and purposeful action, the players gradually improved their performance, which allowed them to qualify for the finals in 2020 and to become third in 2021 in the UAE.

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In addition, the team and its management express a social responsibility beyond the promotion of sport. Due to the novel COVID-19 outbreak in India in 2021, the previous 14th IPL has been halted and postponed to Mid-Autumn. Meanwhile, Delhi Capitals has used its influence to support charitable campaigns for local health care.

“The previous season’s pairing was extremely successful as Octa became an integral part of our digital content, which is so crucial to reaching our fan base. We couldn’t be more excited to have Octa back on board for what we are sure will be a very successful partnership,” Vinod Bisht, Acting CEO, DC pointed out. Octa is a global brand of people-focused investment services.

It provides opportunities to learn investments and apply the knowledge to achieve financial goals. The data-driven environment includes currency trading, copy trading, stock trading, and crypto.

IPL 2023: Despite ED probe, Rishabh Pant led Delhi Capitals rope to Octa as main sponsor, main sponsor of Delhi Capitals, Indian Premier League 2023

Direction of the application against OctaFX: However, all is not well with OctaFX at the moment. The company is under the scanner of the Execution Directorate (ED). The ED on Thursday revealed that it froze Rs 21.14 crore in OctaFX accounts. The ED alleges that OctaFX is breaking forex rules.

The forex trading platform has been under ED’s scanner for quite some time now. OctaFX reportedly trades forex through international brokers, which is illegal in India. According to the bureau, OcerFX collected funds from users and then used fictitious entities to funnel the money.

Also, the Reserve Bank of India (RBI) has not endorsed the platform to trade forex. According to ED, the funds collected by OctaFX were transferred to several electronic wallets from Neteller, Skrill, etc.

“The said application (OctaFX) and its website have not been authorized by the RBI (Reserve Bank of India) to transact in forex. The conduct and operations of forex trading (which is not conducted on an exchange recognized) are illegal and also violate FEMA regulations,” ED said in a statement.

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