Octa, a globally recognized CFD (Contract for Difference) trading platform, has firmly rejected the allegations of money laundering and illegal betting in India.
The platform, which is widely known across the world for providing secure brokerage services, has come under scrutiny by the Enforcement Directorate (ED) amid an ongoing investigation into unauthorized forex trading activities.
“We function as an intermediary between financial markets and traders”
In a detailed statement, Octa dismissed accusations of money laundering and betting as “unfounded.”
“Octa firmly denies unfounded allegations of involvement in betting and money laundering. As a CFD (Contract for Difference) derivative broker, we function as an intermediary between financial markets and traders, enabling them to trade various assets safely and securely. The derivative market is one of the largest and most liquid global financial markets, and CFDs are widely used by major financial institutions, banks, and investment firms to trade currencies and other financial instruments. The transactions’ security and the wide spread of CFD trading are ensured by core principles of trading—specifically, brokers cannot affect the trading process, including charts and quotes distribution for clients: each trade is executed fairly and independently,” said Octa’s press-office.
“We strictly adhere to global anti-money laundering (AML) best practices, including ongoing monitoring of our traders’ activity, and enforce adequate due diligence measures to detect any suspicious actions and transactions. Furthermore, as a law-abiding company, we cooperate with local authorities upon receipt of the duly executed requests and its legitimate justification. Octa is by all means dedicated to keeping the trading environment fair and secure so that we can do everything in our power to combat money laundering and terrorism financing.
“To provide the most convenient conditions for our clients, we, like other global brokers, work with various regional and local partners who provide local payment options. Although we collaborate with our payment providers, it’s important to highlight that we do not influence their work, and are not involved in their interaction with our clients, which means that we are not responsible for how they conduct their business. Octa has never been affiliated with any of the betting companies, including those mentioned in the allegations. It is important to clarify that according to the local laws in the countries of our registration, information about controlling and ownership is not publicly available due to the privacy regulations in force. The statements made in the article lack a reliable basis, and the newspaper’s editorial office cannot possess any verified evidence from legitimate sources regarding the allegations about the ownership and control structure of our group of companies. Much of the content appears to be taken out of context, making it unclear and not entirely trustworthy. As a trusted and law-abiding international company with globally recognised licenses, we are determined to countering slander and unfounded accusations that damage our hard-earned reputation, using all available means,” the company continued.
“The Octa team remains committed to delivering safe, stable trading conditions and seamless payment processing for all our traders. Same as all 12 years of our life.”
Background of the allegations
The investigation began in 2023, with the ED accusing Octa of engaging in unauthorized forex trading in India. While India regulates the forex market, CFD trading itself is not explicitly banned, although it remains unregulated in the country. Octa operates within this grey area, serving a global clientele while providing traders access to various financial markets.
The ED claims that funds collected from Indian investors were laundered through shell companies, with a portion transferred abroad using cryptocurrencies. Octa, however, maintains that it has strictly adhered to local laws, emphasizing that it cooperates with authorities upon receiving legitimate requests.
In a notable development, the ED summoned actors Krystle D’Souza, Karan Wahi, and Nia Sharma for questioning, as they had promoted Octa through various campaigns during 2020-2021. Their endorsements, particularly on social media and television, drew attention for potentially luring investors to the platform. The celebrities provided statements as witnesses, and the ED continues to investigate the promotional campaigns.
