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IPL 2023: ED investigation against main sponsor of Delhi CAPITALS OctaFX team, online Forex trading app reserved for FEMA violation: CHECK DETAILS

IPL 2023 – OCTA, Delhi Capitals Sponsor: OctaFX, the main sponsor of Delhi Capitals IPL 2022, is under ED Scanner. Continue your journey…

IPL 2023 – OCTA, Delhi Capitals Sponsor: OctaFX, the main sponsor of Delhi Capitals IPL 2022, is under ED Scanner. Continuing its crackdown, Enforcement Management (ED) has now frozen INR 21.14 assets belonging to online forex trading app OctaFX: Follow the IPL 2023 LIVE updates with InsideSport.IN

Direction of the application against OctaFX: Delhi Capitals announced an “extended” sponsorship deal with forex broker OctaFX last year. Octa became one of the Delhi team’s three main sponsors. OctaFX has become the official digital partner of the New Delhi-based team during IPL 2021.

However, all is not well with OctaFX at the moment. The company is under the scanner of the Execution Directorate (ED). Last week, the ED disclosed 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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