ED freezes ₹21.14 crore in ‘illegal’ online forex trading case of OctaFX India Private Limited.

The ED alleged that the funds were credited to the bank accounts of various dummy entities and domestically transferred to other banks for layering, following which cross-border transactions were undertaken. “The #OctaFX  app and its website have not been authorised by the Reserve Bank of India to deal in #forextrading. The conduct and operations of forex trading, not being conducted on a recognised stock exchange, is illegal, and also violates FEMA regulations,”

The ED has also alleged that multiple accounts of different Indian banks were being shown to the investors or app users for collecting funds in the guise of facilitating forex trading. The collected money was simultaneously transferred to several “e-wallet accounts such as #Neteller, #Skrill or to bank accounts of dummy entities”. A significant portion of the allegedly defrauded amount was used to buy #cryptocurrencies/assets through Zanmai Labs Private Limited. “#Zanmai labs provided banking channels and a bridge to deposit the INR to #WazirX wallets, which ultimately were being transferred to #Binance exchange (a #cryptoexchange based in #CaymanIslands) leading to the transfer of Indian currency to overseas entities in the form of cryptocurrencies”.


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