Octa Strongly Denies Allegations of Money Laundering, Services Operate Normally

In the latest forex broker news it was reported that forex broker Octa has strongly denied money laundering charges filed by Indian authorities, dismissing claims of graphic manipulation as “baseless.”

This response comes after the Law Enforcement Directorate, India's investigative agency for money laundering, raided the offices of forex broker Octa in four major cities, froze bank accounts holding approximately $324,000 and confiscated documents and digital devices.

This multi-asset broker emphasizes that it is a globally licensed entity, which complies with international Anti-Money Laundering (AML) regulations strong> strict measures to prevent fraud and protect customer funds.

The action against Octa was taken following complaints that the broker had lured people with promises of high returns and then manipulated trading activity, resulting in losses for traders.

Indian authorities claim Octa generated more than $59.9 million in profits from its Indian operations, and laundered some of these funds abroad. They also alleged that a network of hired accountants created fake money transfer certificates to facilitate the layering of funds. Octa firmly denies these money laundering allegations.

Authorities further alleged that Octa's operations in India were overseen by owners of Octa group entities based in Spain, Russia, Georgia and Dubai. They claim that several Indians were hired to run the trading platform and attract Indian investors to forex trading through Octa.

Octa Brokers offers leveraged trading in forex and contracts for difference (CFDs) across a variety of asset classes, including shares, indices and cryptocurrencies. Local authorities noted that the platform was operating in India without a central bank license for forex trading.

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