Allegations by India 'unsubstantiated', OctaFX claimed

Recently the Indian authorities alleged a well-known forex broker, Octa. According to Indian officials, OctaFX made more than INR 10 billion (about US$119.5 million) from its operations in India. A portion of it has been transferred to foreign firms, trapped in a web of intricate transactions. Furthermore, the claims state that the FX trading website transferred part of its illicit funds to locally registered funds to appear legal.

The Indian authorities also stated that OctaFX used businesses registered in the British Virgin Islands and Estonia to transfer funds for promotional operations.

Amid actions by the Indian authorities, OctaFX has shared an exclusive statement with Finance Magnates, calling the “reproof… [of] allegations of ‘false promises of high returns’ unsubstantiated,” adding that “OctaFX doesn't have individuals acting as the company's official representatives in any country or region.”

OctaFX stated “We never promised that trading with Octa would bring quick and immense returns,” “On the contrary, we have consistently underlined that Forex trading requires a knowledgeable and conscious approach, which we help to develop through educational materials publicly available on our website, YouTube channel, and the Octa app.”

In 2023, the Reserve Bank of India (RBI) published the Complete List of Apps and Websites Unauthorized for Forex Transactions in India. The RBI has also warned people against using such unlicensed platforms. Many brokers were banned on this list, including Octa.

About Finance Magnates

Finance Magnates is a global provider of news, research, and events focused on Fintech, electronic trading, Payments & Banking, Crypto & Blockchains, and the technology that drives them.

It offers independent news, analysis, periodic and tailored reports, an online directory, and conferences, exhibitions, and events worldwide.

About Octa

Octa formerly known as 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.

Install the WikiFX app on your smartphone to stay updated with the latest news.