Forex Trading App OctaFX Under ED Scanner For FEMA Violation

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ED raided multiple premises belonging to OctaFX’s Indian arm over concerns related to alleged violation of FEMA rules

“OctaFX is not authorised by the RBI to deal in forex trading, conduct and operations of the firm are illegal: ED

In an Alert List issued earlier this month, RBI warned public against using OctaFX for forex trading

Continuing on its spree of crackdown, the enforcement directorate (ED) has now frozen assets INR 21.14 Cr belonging to online forex trading app OctaFX. 
This comes after agency sleuths raided multiple premises belonging to the Indian arm of the company over concerns related to alleged violation of Foreign Exchange Management Act (FEMA) norms.
“ED has freezed account balance to the tune of INR 21.14 Cr of M/s OctaFX and related entities in various bank accounts. Earlier, ED had conducted

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