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ED conducts search operations in multiple cities in illegal online forex trading case
The search operation was carried out as part of an ongoing probe in the case of illegal online forex trading
The Enforcement Directorate (ED), Mumbai Zonal Office, conducted search operations under the Prevention of Money Laundering Act (PMLA), 2002, at various locations in Mumbai, Chennai, Kolkata, and Delhi on April 18. The operations were carried out as part of an ongoing probe in the case of illegal online forex trading through the OctaFx trading platform, the ED informed on Saturday.
During the course of search operations, bank funds to the tune of ₹2.7 crore have been frozen and various incriminating documents, digital devices have been found and seized.
“The ED initiated investigation on the basis of a First Information Report registered by Shivaji Nagar Police Station, Pune, against several persons for their involvement in showing false temptations of high returns and duping persons in guise of forex trading through the OctaFx trading platform,” the ED official said.
The Enforcement Directorate (ED), Mumbai Zonal Office, conducted search operations under the Prevention of Money Laundering Act (PMLA), 2002, at various locations in Mumbai, Chennai, Kolkata, and Delhi on April 18. The operations were carried out as part of an ongoing probe in the case of illegal online forex trading through the OctaFx trading platform, the ED informed on Saturday.
During the course of search operations, bank funds to the tune of ₹2.7 crore have been frozen and various incriminating documents, digital devices have been found and seized.
“The ED initiated investigation on the basis of a First Information Report registered by Shivaji Nagar Police Station, Pune, against several persons for their involvement in showing false temptations of high returns and duping persons in guise of forex trading through the OctaFx trading platform,” the ED official said.
The investigation revealed that the OctaFx online trading app and website are operating in India in association with India based entity M/s OctaFx India Private Limited. The OctaFx app and its website have not been authorised by the Reserve Bank of India (RBI) to deal in forex trading.
The ED officials said that this forex trading platform is widely promoted on social networking sites and is following referral-based incentive models for acquiring users to their platforms.
“It has emerged in the investigation that multiple accounts of different Indian banks were being shown to investors and users on OctaFx trading app/www.octafx.com for collecting funds in the guise of facilitating forex trading. The OctaFx also has manipulated trade activities and information shown on its platform ultimately resulting in net loss to the traders,” the officials informed.
The said accumulated funds, after defrauding these investors and users, were transferred to multiple e-wallet accounts or to bank accounts of dummy entities.
“This way, M/s OctaFx India Pvt. Ltd., M/s OctaFx, and their entities have cheated investors in the guise of forex trading thereby earning a profit of more than ₹500 Crore from Indian region,” the ED official added.
A portion of these funds were layered through a web of complex transactions with the help of shell entities and remitted abroad to its related entities in the garb of bogus freight services, import of services, etc.
On the basis of investigation conducted and PoC identified so far, assets to the tune of ₹35 crore in form of crypto currencies, bank balances, gold coins etc. were attached by the ED. The search operations unveiled a network of chartered accountants and professionals, who gave fake certificates of remittances and facilitated bank accounts/companies for layering of such funds.
It has also been revealed that the entire process of reflecting account numbers of dummy entities, managing the funds collected in these accounts and diversion of the same are being managed and operated by owner of OctaFx group entities based in Spain, Russia, Georgia, and Dubai.
“M/s OctaFx has also hired several Indian individuals working in Spain and Russia for operating the OctaFx trading platform and inducing Indian citizens to invest in forex trading through OctaFx. We are still investigating the matter,” the ED officials said.
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ED conducts search operations in multiple cities in illegal online forex trading case
The search operation was carried out as part of an ongoing probe in the case of illegal online forex trading
The Enforcement Directorate (ED), Mumbai Zonal Office, conducted search operations under the Prevention of Money Laundering Act (PMLA), 2002, at various locations in Mumbai, Chennai, Kolkata, and Delhi on April 18. The operations were carried out as part of an ongoing probe in the case of illegal online forex trading through the OctaFx trading platform, the ED informed on Saturday.
During the course of search operations, bank funds to the tune of ₹2.7 crore have been frozen and various incriminating documents, digital devices have been found and seized.
“The ED initiated investigation on the basis of a First Information Report registered by Shivaji Nagar Police Station, Pune, against several persons for their involvement in showing false temptations of high returns and duping persons in guise of forex trading through the OctaFx trading platform,” the ED official said.
The investigation revealed that the OctaFx online trading app and website are operating in India in association with India based entity M/s OctaFx India Private Limited. The OctaFx app and its website have not been authorised by the Reserve Bank of India (RBI) to deal in forex trading.
The ED officials said that this forex trading platform is widely promoted on social networking sites and is following referral-based incentive models for acquiring users to their platforms.
“It has emerged in the investigation that multiple accounts of different Indian banks were being shown to investors and users on OctaFx trading app/www.octafx.com for collecting funds in the guise of facilitating forex trading. The OctaFx also has manipulated trade activities and information shown on its platform ultimately resulting in net loss to the traders,” the officials informed.
The said accumulated funds, after defrauding these investors and users, were transferred to multiple e-wallet accounts or to bank accounts of dummy entities.
“This way, M/s OctaFx India Pvt. Ltd., M/s OctaFx, and their entities have cheated investors in the guise of forex trading thereby earning a profit of more than ₹500 Crore from Indian region,” the ED official added.
A portion of these funds were layered through a web of complex transactions with the help of shell entities and remitted abroad to its related entities in the garb of bogus freight services, import of services, etc.
On the basis of investigation conducted and PoC identified so far, assets to the tune of ₹35 crore in form of crypto currencies, bank balances, gold coins etc. were attached by the ED. The search operations unveiled a network of chartered accountants and professionals, who gave fake certificates of remittances and facilitated bank accounts/companies for layering of such funds.
It has also been revealed that the entire process of reflecting account numbers of dummy entities, managing the funds collected in these accounts and diversion of the same are being managed and operated by owner of OctaFx group entities based in Spain, Russia, Georgia, and Dubai.
“M/s OctaFx has also hired several Indian individuals working in Spain and Russia for operating the OctaFx trading platform and inducing Indian citizens to invest in forex trading through OctaFx. We are still investigating the matter,” the ED officials said.
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ED searches locations across India in OctaFx illegal online forex trading case The ED has said that OctaFx India Pvt Ltd, M/s OctaFx, and their entities have cheated investors in the guise of forex trading and earned a profit of more than Rs 500 crore from the Indian region
The Enforcement Directorate (ED) on Thursday conducted search operations at various locations in Mumbai, Chennai, Kolkata and Delhi in connection with a case related to illegal online forex trading through international brokers, namely the OctaFx trading app and octafx.com.
During the searches, bank funds to the tune of Rs 2.7 crore have been frozen and various incriminating documents and digital devices have been seized, the ED said on Saturday.
The ED launched a money laundering investigation into the scam on the basis of a first information report (FIR) registered at Pune’s Shivaji Nagar police station. The FIR was lodged against several people for their alleged involvement in luring people with high returns and duping them under the pretext of forex trading through the OctaFx trading platform. The OctaFx online trading app and website are operating in India in association with India-based entity M/s OctaFx India Private Limited. According to the ED, the app and its website have not been authorised by the RBI to deal in forex trading. The trading platform is widely promoted on social networking sites and follows referral-based incentive models for acquiring users to their platforms.
The ED has said it has emerged in the investigation that multiple accounts of different Indian banks were being shown to investors/users on the app and website for collecting funds in the guise of facilitating forex trading.
The app and the website manipulated trade activities and information shown on its platform ultimately resulting in net loss to the traders. The said accumulated funds, after defrauding these investors/users, were transferred to multiple e-wallet accounts or bank accounts of dummy entities, the agency statement reads.
This is how M/s OctaFx lndia Pvt Ltd, M/s OctaFx, and their entities have cheated investors in the guise of forex trading thereby earning a profit of more than Rs 500 crore from the Indian region, the ED has stated. A portion of these funds were allegedly layered through a web of complex transactions with the help of shell entities and remitted abroad to its related entities in the garb of bogus freight services, import of services, etc.
The anti-money laundering agency so far has attached assets to the tune of Rs 35 crore in the form of cryptocurrencies, bank balances, gold coins etc.
The ED’s probe also exposed a network of chartered accountants and professionals, who gave fake certificates of remittances and facilitated bank accounts/companies for the layering of such funds. It has also been revealed that the entire process of reflecting account numbers of dummy entities, managing the funds collected in these accounts and diversion of the same are being managed and operated by the owner of OctaFx group entities based in Spain, Russia, Georgia and Dubai, the central agency has stated.
M/s. OctaFx has also hired several Indian individuals working in Spain/Russia for operating the OctaFx trading platform and inducing Indian citizens to invest in forex trading through OctaFx, the ED has said.
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Best Forex Trading Platforms in 2024
In today's dynamic financial world, the practice of trading foreign currency (Forex) has grown in popularity as a way for people to engage in global financial markets. Regardless of your level of skill, the platform you choose to trade on will frequently determine your success. There are several platforms to choose from; thus, it is important to learn about each one in order to choose the one that best meets your trading needs and objectives.
In 2024, the four most successful forex trading platforms will be DIZICX, EXNESS, WINPROFX, and OctaFX. This blog post will look at all four of these platforms. Each of these platforms offers its customers a distinct combination of features, perks, and tools, and they are intended to serve users of all skill levels, from beginners to seasoned pros.
1. DIZICX: The Beginner-Friendly Platform with a Modern Touch
DIZICX has been preferred among traders because to its intuitive design and state-of-the-art features. Despite its youth compared to more established platforms, DIZICX is swiftly becoming a favorite among both seasoned traders and novices.
Key Features of DIZICX:
User-Friendly Interface: Anyone new to the platform, especially those who get confused by more complicated ones, would like DIZICX's straightforward design. The functions that are crucial to its customers may be easily found and used because to its basic user interface.
Tight Spreads: Your trading expenditures may be drastically reduced by taking advantage of DIZICX's low spreads. Low spreads provide a great opportunity for foreign currency traders, especially those who trade often throughout the day.
Educational Resources: Workshops, seminars, and market research are just a few of the educational resources offered by DIZICX. If you are just starting out in trading and want to improve your skills, these tools are great for you.
24/7 Customer Support: Traders may get help at any time, day or night, via the website, in the event that they encounter any problems. When you need help with addressing a problem or understanding a market phrase, don't hesitate to contact DIZICX's support team.
Who is it for? If you are a trader seeking a straight forward platform, DIZICX is a great choice. In addition, anybody looking for beginner-friendly trading resources may find it useful. If you prioritize ease of use and reliable support, DIZICX is the best option.
2. EXNESS: A Trusted and Versatile Trading Powerhouse
The EXNESS is one of the most well-known in the foreign exchange (Forex) market. Since its inception in 2008, it has built a reputation for dependable service, transparency, and adjustable account choices. On the other hand, EXNESS is one of the best options for traders that put a high value on regulation and safety.
Key Features of EXNESS:
Highly Regulated: One of EXNESS's most compelling selling factors is its compliance with stringent regulatory requirements. It is overseen by respected financial agencies such the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC), among others. Traders that place a great value on the protection of their cash will find that this platform is reliable and secure.
Multiple Account Types: EXNESS provides a number of account options to meet the needs of a wide range of traders. EXNESS can meet your needs, whether you're a beginner seeking for a low-risk account or an experienced trader looking for raw spreads and no fees.
High Leverage Options: EXNESS provides leverage ratios that are commonly recognized as among the finest in the market. Leverage may be beneficial to experienced traders who are competent at risk management, despite the fact that it may multiply both earnings and losses.
Advanced Trading Tools: EXNESS provides powerful charting tools, automated trading systems, and in-depth market analysis, all while connecting with MetaTrader 4 and MetaTrader 5. As a consequence, it is a fantastic alternative for experienced traders who want a comprehensive trading platform.
Who is it for? EXNESS is an excellent platform for all traders, regardless of their level of skill; however, traders who value security, regulation, and account flexibility will find it particularly appealing. Its ability to execute deals with high leverage and complicated tools makes it a tempting option for experienced traders seeking more control.
3. WINPROFX: Harnessing the Power of AI and Zero Commission Trading
WINPROFX's innovative platform and user-friendly technology are helping it become a household brand in the world of foreign exchange. This platform is rapidly gaining popularity among traders who are looking for AI analytics and zero-commission trading.
Key Features of WINPROFX:
Zero Commission Trading: Dealing with WINPROFX will not cost you a dime. Traders who use this option often or trade in high volumes may find that their trading expenses go down significantly.
AI-Driven Analytics: By integrating AI into WINPROFX, we can now provide you market research, projections, and insights pulled from massive databases. If a trader wants to make data-driven decisions but doesn't have time to do thorough market research, an AI-powered tool can be a lifesaver.
Copy Trading: With WINPROFX's copy trading feature, novice traders may mimic the moves made by more seasoned traders. Anyone just starting out in the field would find this to be a very helpful resource for learning the strategies used by the most successful people in the past.
Who is it for? When it comes to copy trading and artificial intelligence analytics, WINPROFX is the platform for you. The platform's 0% commission structure can be attractive to traders that deal in big numbers and are looking to keep their expenses low. Utilize WINPROFX if you want a modern platform that incorporates the most recent technological advancements.
4. OctaFX: Low-Cost Trading with a Focus on Flexibility
For those looking for low-cost trading solutions with an intuitive UI, OctaFX is another long-standing platform in the foreign exchange sector. It has been accessible to traders of varying skill levels since 2011, and its popularity is expected to continue growing.
Key Features of OctaFX:
Low Spreads: Traders concerned about their financial situation will appreciate OctaFX's reduced spreads compared to others in the sector. To optimize profits, lower spreads are needed, as they lead to lower transaction costs. For the simple reason that spending less money results from smaller spreads.
Promotions and Bonuses: Regular promotional events with prizes and deposit bonuses are hosted by OctaFX. While incentives shouldn't be the only factor traders take into account when choosing a platform, they do help traders make more informed decisions.
Mobile Trading: One of the most well-liked aspects of OctaFX is its mobile app. Software that streamlines mobile trading makes it easy for users to manage their accounts, examine charts, and place trades regardless of their location. Its portability is a major perk for traders who want to keep playing the markets even when they can't be near a computer.
Who is it for? The OctaFX mobile trading platform is top-notch for traders that prioritize ease of use and low transaction fees. Traders who are always on the go will love this option since transactions may be controlled from a mobile device. If you want to make money trading foreign currency, you need to use the right platform. You should consider your trading goals, skill level, and feature preferences before committing to a platform. Trading more efficiently and reaching your financial goals will be much easier if you use the correct platform. Enjoy your trading day!
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Top Forex Brokers Reviewed: A Comprehensive Guide for 2024
Top Forex Brokers Reviewed: A Comprehensive Guide for 2024 The forex market is the largest and most liquid financial market in the world, with trillions of dollars traded daily. Choosing the right forex broker is crucial for success in this dynamic market. In this article, we will review some of the top forex brokers for 2024, highlighting their key features, regulatory status, and what makes them stand out.To get more news about WikiFX, you can visit our official website.
1. AvaTrade AvaTrade is renowned for being one of the largest and most trusted forex brokers globally. Regulated by multiple authorities, including ASIC, FSA, and CBI, AvaTrade offers a wide range of trading instruments and platforms. With a minimum deposit of $100 and a trust score of 4.8, it is an excellent choice for both beginners and experienced traders.
2. Exness Exness is a leading broker choice for professionals, known for its low spreads and high leverage options. Regulated by CySEC, FCA, and FSA, Exness requires a minimum deposit of just $10. Its trust score of 4.9 reflects its reliability and popularity among traders.
3. JustMarkets JustMarkets offers competitive spread-based accounts and is regulated by FSA, FSCA, and CySEC. With a minimum deposit of $10 and a trust score of 4.4, it is a solid option for traders looking for a reliable broker with low trading costs.
4. XM XM is a trusted broker for beginners, offering a welcome no-deposit bonus and a minimum deposit of just $5. Regulated by FSC, DFSA, and ASIC, XM has a trust score of 4.9. Its user-friendly platforms and educational resources make it an ideal choice for new traders.
5. HFM (HotForex) HFM, also known as HotForex, is a world leader in online trading. It is regulated by multiple authorities, including CySEC, FSCA, FCA, and DFSA. With a minimum deposit of $0 and a trust score of 4.9, HFM offers a wide range of trading instruments and competitive spreads.
6. BDSwiss BDSwiss is a leading web-based trading platform, regulated by FSC and FSA. With a minimum deposit of $10 and a trust score of 4.7, BDSwiss provides a robust trading environment with advanced tools and resources.
7. Pepperstone Pepperstone is known for its fast execution speeds and low spreads. Regulated by ASIC, BaFIN, and CMA, Pepperstone requires no minimum deposit and has a trust score of 4.9. It is an excellent choice for traders looking for a reliable and efficient trading platform.
8. FBS FBS offers a minimum deposit of just $5 and is regulated by IFSC and FSCA. With a trust score of 4.7, FBS provides a range of account types and trading platforms to suit different trading styles and preferences.
9. OctaFX OctaFX is regulated by SVGFSA and requires a minimum deposit of $25. With a trust score of 4.8, OctaFX offers competitive spreads and a variety of trading instruments, making it a popular choice among traders.
10. FP Markets FP Markets is regulated by ASIC, CySEC, and FSCA, with a minimum deposit of $100 and a trust score of 4.9. Known for its excellent MT4 and MT5 platforms, FP Markets is ideal for traders looking for advanced trading tools and resources.
Conclusion Choosing the right forex broker is essential for success in the forex market. The brokers listed above are among the top choices for 2024, offering a range of features, regulatory oversight, and competitive trading conditions. Whether you are a beginner or an experienced trader, these brokers provide reliable and efficient platforms to help you achieve your trading goals.
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Fueling Rapid Growth in Pakistan's Financial Landscape
Being regulated in Europe, OctaFX is suitable to drink dealers worldwide with their global branch, including Bengali dealers. There's a good range of original bank deposits in Bangladesh to deposit in your OctaFX account, though BDT deposits will dodge a conversion figure.
The start forex trade from Bangladesh:
Then are the way you should follow to get started in the forex request in Bangladesh.
1. Start with a solid internet connection.
2. Pick a estimable broker.
3. Connect your accounts.
4. Initiate backing.
5. Download your trading stoner interface( UI).
6. Trade and profit.
7. Review your strategy.
Forex halal in Saudi:
Forex Trading- Halal or Haram Fatwa
Usury is of course fully banned in Islam, and is defined veritably extensively. This implies that any kind of deal or contract which involves an element of interest( riba) isn't admissible according to Islamic law.
Trading is halal:
Halal trading refers to investing and trading in fiscal instruments that align with Islamic training and principles. The term' halal' means' admissible' in Arabic, and halal trading ensures Muslims can share in the request without compromising their faith.
Forex haram in UAE:
The issue of Forex trading and all other ultramodern forms of currency exchange is a extensively batted content among Muslim scholars. Muslim authorities have passed a significant number of fatwas in support or against the act of Forex trading. still, it's generally accepted that Forex trading is halal.
The crypto haram in Islam:
Among the major cryptocurrencies, Bitcoin, Ethereum, and Dogecoin come under the halal order, while Shiba Inu( SHIB) commemorative, nascence, and PancakeSwap( cutlet) are labelled haram. To use CryptoHalal, a stoner must enter the name of the cryptocurrency.
Saudi Arabia trade forex:
Yes, Forex trading in Saudi Arabia is legal. Any individual living in Saudi Arabia can pierce the Forex request and trade currencies online. The Saudi Central Bank, also known as the Saudi Arabian Monetary Authority( SAMA), and the Capital Markets Authority( CMA) regulate capital requests in the area.
Allah say about trading:
Allah prohibits us to earn plutocrat immorally But allows us for trade( that is dealing and copping) should be according to your concurrence so that your plutocrat may be increased.( 14) In another place the H Quran says “ If your dealings in different material or staff aren't in written form, it isn't stray ”.
The forex broker has Islamic account:
FP requests
FPMarkets presents one of the top Forex and CFD brokerage options for Islamic dealers each over the globe.
I do trading from Bangladesh:
Anyone with a valid passport or NID and a bank account can invest any quantum of plutocrat in stocks. All they need is a BO( Beneficiary Owner's) account in a brokerage house. A brokerage house is an organisation that facilitates investing and trading in stock exchanges.
Forex legal in Nepal or not:
Forex trading is legal in Nepal and can represent an occasion to benefit if done rightly and responsibly. Nepalese residers have a wide choice of Forex/ CFD brokers to use but might face account currency issues as deposits in Nepalese Rupees aren't accepted.
www.orfinex.com
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Top Forex Brokers in India
Forex trading has become increasingly popular in India in recent years. With the growing demand for forex trading, there has been a surge in the number of forex brokers offering their services in India. Choosing the right forex broker is crucial for a successful trading experience. In this article, we will look the best forex brokers operating in India.
XM
XM is one of the best forex brokers in India and expanding their services rapidly.
XM is a popular forex broker that is regulated by several regulatory bodies, including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA). They offer a wide range of currency pairs to trade, as well as other financial instruments like stocks and commodities. They offer low spreads and competitive fees, making it a popular choice among Indian forex traders.
What make XM great is their deposit bonus feature because in XM offer deposit bonus 50%-100%.
XM offers 50% deposit bonus to all of their client in standard account with the fact that bonus is also tradable. That means we can trade with bonus amount too. And if we compare this with Octafx, bonus amount isn’t tradable in octafx. That bonus amount in Octafx is just to show account balance while user can’t use that bonus for trading and for worst case if we lose our account deposit equity then octafx withdraw there bonus. While in XM, we can trade with bonus amount too even after if we lose all our account equity. After losing our account equity, we can loss the bonus amount too in worst case.
Second best feature of XM is their instant deposit and withdrawal with various payment methods like UPI, bank transfer, crypto, skrill, neteller and many more.
XM allow user to deposit fund with UPI within minutes most of the time. Xm claim depositing time 12-24 hrs but it completes within few minutes to 1 hour generally. And same for withdraw with UPI, XM withdraw completes within few minutes to 1hour in most cases but again XM claims 24hours time in this too.
Along with UPI, depositing and withdrawal though crypto and other online wallets are also instant.
XM allows to trade in more then 1000 instrument in different categories. Categories like forex pair, Commodities, CFD’s, Stocks, crypto, and many more. But GOLD is the most traded instrument in india. And Spread in Gold and other instrument are very competitive and lower then octafx .
On MT5 platform of XM, user can trade Indian Stock Index NIFTY50 too as a CFD with the name IN50. This NIFTY index trading is only on MT5 as of now, but later on it will be on MT4 too. Is someone wants to trade in NIFTY50 index as a CFD like US30 or NASDAQ then XM can be the best broker for him.
To Try this, user can create account directly from- https://bit.ly/Joinxmbroker
I highly recommend to use XM broker if you are planning to trade forex because of there best in class service and tradable deposit bonus.
Resource- Step Traders
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OctaFX Ctrader Weekly Demo Contest
With the high risk in the forex market, every opportunity to get free capital is a golden opportunity for those of you who want to start forex. The contest held by OctaFX is one way to minimize losses in forex because the prizes that you get can be withdrawn as your initial capital to start your adventure in the world of forex. OctaFX regularly holds demo account contests every week with a prize…
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Join now largest forex copy trading channel ragular gaurented profit
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🌟 INTERESTED IN TAMIL CM's VIP SUPPORT? 🌟 ❓ How to join my VIP Channel? 📝 You can join my VIP Channel and get my personal attention & dedicated support if you either, (a) Take my 3-day paid course on Trading Success that covers Technical Analysis, Psychology & Risk Management📈📊📉 -or- (b) Open Trading Accounts with one of my supported brokers below & deposited atleast $100💰💰💰 #1 AlphaFX | My Number 1 Choice, especially for TN People https://www.tamilcm.com/AlphaFX (or) https://www.alphaforexmarkets.com/pub/public_html/liveaccount.php?ref=534918 #2 OctaFX | One of the biggest FX players in INDIA https://www.tamilcm.com/OctaFX (or) https://my.octafx.com/open-account/?refid=ib12109864 #3 IC Markets | Best broker for those outside INDIA https://www.tamilcm.com/ICMarkets (or) http://icmarkets.com/?camp=58393 🌟ONCE DONE, PLEASE PING ME SO THAT I CAN ADD YOU TO MY VIP CHANNEL.🌟 See you soon as a VIP! 🙋🙋♂️🙋♀️ https://www.instagram.com/p/CQQJF4Rs__T/?utm_medium=tumblr
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What Methods Can I Use To Deposit Funds Into My lead capital market Account?
What Methods Can I Use To Deposit Funds Into My lead capital market Account? Read More http://fxasker.com/question/ab73d574d413ca1f/ FXAsker
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ED conducts search operations in multiple cities in illegal online forex trading case
The search operation was carried out as part of an ongoing probe in the case of illegal online forex trading
The Enforcement Directorate (ED), Mumbai Zonal Office, conducted search operations under the Prevention of Money Laundering Act (PMLA), 2002, at various locations in Mumbai, Chennai, Kolkata, and Delhi on April 18. The operations were carried out as part of an ongoing probe in the case of illegal online forex trading through the OctaFx trading platform, the ED informed on Saturday.
During the course of search operations, bank funds to the tune of ₹2.7 crore have been frozen and various incriminating documents, digital devices have been found and seized.
“The ED initiated investigation on the basis of a First Information Report registered by Shivaji Nagar Police Station, Pune, against several persons for their involvement in showing false temptations of high returns and duping persons in guise of forex trading through the OctaFx trading platform,” the ED official said.
The investigation revealed that the OctaFx online trading app and website are operating in India in association with India based entity M/s OctaFx India Private Limited. The OctaFx app and its website have not been authorised by the Reserve Bank of India (RBI) to deal in forex trading.
The ED officials said that this forex trading platform is widely promoted on social networking sites and is following referral-based incentive models for acquiring users to their platforms.
“It has emerged in the investigation that multiple accounts of different Indian banks were being shown to investors and users on OctaFx trading app/www.octafx.com for collecting funds in the guise of facilitating forex trading. The OctaFx also has manipulated trade activities and information shown on its platform ultimately resulting in net loss to the traders,” the officials informed.
The said accumulated funds, after defrauding these investors and users, were transferred to multiple e-wallet accounts or to bank accounts of dummy entities.
“This way, M/s OctaFx India Pvt. Ltd., M/s OctaFx, and their entities have cheated investors in the guise of forex trading thereby earning a profit of more than ₹500 Crore from Indian region,” the ED official added.
A portion of these funds were layered through a web of complex transactions with the help of shell entities and remitted abroad to its related entities in the garb of bogus freight services, import of services, etc.
On the basis of investigation conducted and PoC identified so far, assets to the tune of ₹35 crore in form of crypto currencies, bank balances, gold coins etc. were attached by the ED. The search operations unveiled a network of chartered accountants and professionals, who gave fake certificates of remittances and facilitated bank accounts/companies for layering of such funds.
It has also been revealed that the entire process of reflecting account numbers of dummy entities, managing the funds collected in these accounts and diversion of the same are being managed and operated by owner of OctaFx group entities based in Spain, Russia, Georgia, and Dubai.
“M/s OctaFx has also hired several Indian individuals working in Spain and Russia for operating the OctaFx trading platform and inducing Indian citizens to invest in forex trading through OctaFx. We are still investigating the matter,” the ED officials said.
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https://e4fsb.blogspot.com/ ............................ Please Click on Broker Name for Open Account. Must Open a account with Our Partner Broker Following our Referral Link Set Leverage : 1:500
Minimum Deposit Required in "Standard Account" : 1000$ or Up to no Limit (without Bonus)
Minimum Deposit Required in "Standard Account" : 1000$ or Up to no Limit (without Bonus)
if open Trading Account without our Partner Brokers minimum deposit Required : 10000$ Profit share : 50/50 For 1000$ account Manage Best and Recommended Broker "OctaFx" Open Account "Micro"Mt4 Local Deposit : for Pakistani People Local Deposit by Bank"HBL"(Habib Bank) and (Meezan Bank) 1 to 3 hour Deposit process time. You should must confirm my Referral Account,Then Deposit. Your Monthly Profit Share: 50% Our Profit Share: 50% Profit Share Duration : Weekly or Monthly (Please wait for our Email for Profit share) (Example:Earn 100$ Per Month : You Send me 50$ Per Month.)
https://e4fsb.blogspot.com/
Owner Office: Mr;Zahoor Ahmad contact: 03060361129 Only PAKISTANI Call Time: 10:00am t0 10:00pm Skype ID: e4fsbpower
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Account takeover is on the rise: how to protect yourself
Account takeover is on the rise: how to protect yourself
KUALA LUMPUR, MALAYSIA – Media OutReach – 28 October 2022 – Everyone has a friend who has been subject to account takeover attack. With 24 billion exposed accounts available online, this type of identity theft is now rampant in the digital domain. This article from OctaFX security experts explores the nature of account takeover attacks and advises on how to protect yourself from them. A recent…
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ED freezes bank accounts of OctaFX in illegal forex trading case
ED freezes bank accounts of OctaFX in illegal forex trading case
ED had conducted searches at various premises of OctaFX India Private Ltd and related concerns under the provisions of FEMA in the case of Illegal Online Forex Trading through International Brokers namely OctaFx Trading App and website http://www.octafx.com. source https://zeenews.india.com/companies/ed-freezes-bank-accounts-of-octafx-in-illegal-forex-trading-case-2516028.html
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I recommend octafx for the following reason...
https://octafx.page.link/8yYn
1, smooth deposit
2, Smooth withdraw
3, high leverage,
4, friendly for both big and small account
5, 50% bonus on first deposit,
6, low spread
7, free FX education,
8, Copy trading is allowed,
E.t.c
You can sing up with the link
https://octafx.page.link/8yYn
DM for any questions.
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