ED freezes ₹21 crore in OctaFX accounts over 'Fx violation'

Mumbai: The Enforcement Directorate (ED) said on Thursday that it has frozen ₹21.14 crore in the bank accounts of OctaFX and its related entities for alleged violation of forex rules.

The ED has been probing the platform for alleged illegal online forex trading through international brokers. According to the agency, OctaFX collected funds from users and then channelised the money through dummy entities.

The platform does not have the Reserve Bank of India's approval to trade in forex. The ED said its investigation had revealed that the funds accumulated by the trading platform were simultaneously transferred to multiple e-wallet accounts such as Neteller, Skrill.