The investigation revealed that these operations used fake e-commerce websites to hide money and get around payment restrictions.
The ED probe into the western region has revealed alleged proceeds of crime (POC) totalling Rs10,000 crore. Sources suggest that the figure could potentially double as investigations widen across India.
OctaFX is reportedly the lead sponsor of the Delhi Capitals IPL team through a group company registered in the British Virgin Islands, and allegedly paid Rs10.75 crore in FY22 and Rs11.25 crore in FY23 under the sponsorship deal. However, it is not authorised by the Reserve Bank of India to offer forex trading services.
OctaFX, along with several other forex trading companies, is accused of establishing fake e-commerce platforms to legitimise betting funds.
This story is from the September 19, 2024 edition of The Free Press Journal.
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This story is from the September 19, 2024 edition of The Free Press Journal.
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