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Further assets linked to OctaFx's illegal forex trading seized under India's AML

( April 25, 2024, 06:50 GMT | Official Statement) -- MLex Summary: India's financial crime-fighting agency has provisionally seized assets worth 3.5 billion rupees ($43.75 million) connected to the illegal foreign exchange trading platform OctaFx. These assets include cryptocurrencies, bank balances and gold coins. The seizure was conducted under the 2002 Prevention of Money Laundering Act following search operations across Mumbai, Chennai, Kolkata and Delhi. The investigation conducted by the Directorate of Enforcement revealed that OctaFx's online trading app and website, which are widely promoted on social networking sites, have not been authorized by the central bank for forex trading. To prevent Indian residents from falling prey to unauthorized entities offering forex trading facilities with a promise of exorbitant returns, the Reserve Bank of India issued an alert on Wednesday. Statement from the Directorate of Enforcement follows:...

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