OctaFX denies the money laundering charges made by Indian authorities and dismisses the allegations of chart manipulation as "baseless."

After the Enforcement Directorate, which investigates money laundering, searched the broker's premises in India, the broker exclusively shared the response with Finance Magnates.

Indian authorities raided OctaFX offices in four upscale cities and froze bank accounts holding about $324,000. It also took other digital gadgets and a variety of documents.

The broker defends itself by stating that it is a licensed broker that follows international Anti-Money Laundering regulations to prevent illegal activity and protect clients' funds.

After receiving complaints from several individuals, the broker was legally charged for deceiving people through forex trading and falsely promising high profits. The broker collected deposits in multiple bank accounts. They manipulated trade activity and information on their platform as well. These actions caused traders to lose money.

Indian authorities say that OctaFX earned over $59.9 million in India, and some of those profits were laundered overseas. Authorities said that professionals, such as chartered accountants, helped create fake remittance certificates and bank accounts to facilitate the accumulation of money. Nonetheless, OctaFX vehemently refutes any accusations of money laundering.

The owner of OctaFX group, who has headquarters in Spain, Russia, Georgia, and Dubai, is said to be responsible for overseeing OctaFX's operations in India, according to Indian authorities. OctaFX employed Indian nationals residing in Spain and Russia to run their trading platform and convince Indian citizens to invest in forex trading. Law enforcement officers took note of this. The situation is still being looked at, though.

OctaFX offers leveraged trading for various asset classes, such as stocks, indices, cryptocurrencies, and currencies. Local authorities claim that the site runs in India without the central bank's approval to conduct currency trading.