IPL 2023: ED probe against Principal Sponsor of Delhi CAPITALS team OctaFX, Online Forex Trading App booked for FEMA Violation: CHECK DETAILS
IPL 2023 – Delhi Capitals Sponsor OCTA: Delhi Capitals IPL 2022’s Principal Sponsor OctaFX is under ED Scanner. Continuing on its spree…
IPL 2023 – Delhi Capitals Sponsor OCTA: Delhi Capitals IPL 2022’s Principal Sponsor OctaFX is under ED Scanner. Continuing on its spree of crackdown, the enforcement directorate (ED) has now frozen assets of INR 21.14 belonging to online forex trading app OctaFX: Follow IPL 2023 LIVE Updates with InsideSport.IN
Enforcement Directorate vs OctaFX: Delhi Capitals had last year had announced an “extended” sponsorship agreement with forex broker OctaFX. Octa became one of three principal sponsors of Delhi team. OctaFX became the official digital partner of the New Delhi-based team in IPL 2021.
However, all is not well with OctaFX at the moment. The company is under the Enforcement Directorate (ED) scanner. The ED LAST week revealed that it has frozen Rs 21.14 crore in OctaFX accounts. The ED alleges that OctaFX is in violation of forex rules.
The forex trade platform has been under ED’s scanner for some time now. OctaFX is allegedly trading forex through international brokers which is illegal in India. As per the bureau, OcerFX collected funds from users and then used dummy entities to channelise the money.
Furthermore, the Reserve Bank of India (RBI) hasn’t approved the platform to trade in foreign exchanges, As per ED, the funds collected by OctaFX were transferred to multiple e-wallets of Neteller, Skrill etc.
“The said app (OctaFX) and its website have not been authorised by the RBI (Reserve Bank of India) to deal in forex trading. The conduct and operations of forex trading (not being conducted on recognized stock exchange) is illegal, and also violates FEMA Regulations,” ED said in a statement.
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