Indian authorities accuse OctaFX, broker denies

OctaFX, a well-known brokerage firm, has recently come under charges of money laundering and chart manipulation by Indian authorities. The company denied the accusations and said the allegations are baseless. The Enforcement Directorate, the local investigative organization in charge of money laundering investigations, raided OctaFX's headquarters in India earlier this month.

According to report, During the raids, law enforcement officials seized documents and digital devices while freezing approximately $324,000 in bank accounts linked to OctaFX. Indian officials argue that OctaFX's operations in the nation lack central bank clearance to undertake forex trading activities. The company is said to operate through entities in Spain, Russia, Georgia, and Dubai, with employees in India helping to run its trading platform.

In response to concerns, OctaFX confirmed its commitment to provide uninterrupted services to its Indian clients, ensuring secure deposit and withdrawal processes. The company claims to act as an intermediary in financial markets and denies allegations of chart manipulation.

About OctaFX

OctaFX, a renowned and award-winning online Forex broker established in 2011, has gained recognition for its global presence, with registrations in St. Vincent and the Grenadines under license number 19776 IBC 2011 and regulation by CySEC (372/18). The company has physical offices in Spain, Cyprus, and Malaysia, further solidifying its reputation in the industry.

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