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Despite ED probe, Delhi Capitals rope in Octa as principal sponsor, Check Details


IPL 2023: Delhi Capitals Sponsor: Octa has partnered with Delhi Capitals to become their lead sponsor in the upcoming Indian Premier League…

IPL 2023: Delhi Capitals Sponsor: Octa has partnered with Delhi Capitals to become their lead sponsor in the upcoming Indian Premier League (IPL) 2022. Furthermore, Octa will also be a sponsor for the league alongside Tata Group, CRED, Upstox, Paytm, and others. For Octa, Delhi Capitals represents a like-minded community to align with for the people, Anna Raes, the official representative of Octa, stated. It should be noted that OctaFX is currently under Enforcement Directorate (ED) scanner. Follow Indian Premier League 2023 updates with InsideSport.IN

“In these challenging times, we also wanted to deliver fun and enjoyment to our traders and cricket lovers. That’s why an idea of the principal sponsorship came out naturally,” she added.

IPL 2023: Despite ED probe, Rishabh Pant-led Delhi Capitals rope in Octa as principal sponsor for IPL 2023 season, Check Details

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IPL 2023: Despite ED probe, Rishabh Pant-led Delhi Capitals rope in Octa as principal sponsor, Delhi Capitals Principal Sponsor, Indian Premier League 2023

DC (formerly Delhi Daredevils) historically appeared in 2008 with the first IPL. After renaming to Delhi Capitals in 2018, the new management directed the team to strengthen its presence. Through determination and motivated action, the players gradually improved their performance, which allowed them to make it to the finals in 2020 and become third in 2021 in UAE.

IPL 2023: Despite ED probe, Rishabh Pant-led Delhi Capitals rope in Octa as principal sponsor for IPL 2023 season, Check Details

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On top of that, the team and its management express social responsibility beyond the promotion of sports. Due to the new outbreak of COVID-19 in India in 2021, the previous 14th IPL was halted and postponed till mid-Autumn. Meanwhile, Delhi Capitals used their influence to support charity campaigns for local healthcare.

“The previous season’s association was an extremely successful one, as Octa became an integral part of our digital content, which is so crucial in reaching out to our fanbase. We couldn’t be more excited about having Octa back on board for what we are sure is going to be a very fruitful partnership,” Vinod Bisht, Interim CEO, DC highlighted.Octa is a global brand of people-oriented investment services.

It provides opportunities to learn investments and apply knowledge to reach financial goals. The data-driven environment includes currency trading, copy trading, stock trading, and crypto.

IPL 2023: Despite ED probe, Rishabh Pant-led Delhi Capitals rope in Octa as principal sponsor, Delhi Capitals Principal Sponsor, Indian Premier League 2023

Enforcement Directorate vs OctaFX: However, all is not well with OctaFX at the moment. The company is under the Enforcement Directorate (ED) scanner. The ED on Thursday revealed that it has frozen Rs 21.14 crore in OctaFX accounts. The ED alleges that OctaFX is in violation of forex rules.

The forex trade platform has been under ED’s scanner for some time now. OctaFX is allegedly trading forex through international brokers which is illegal in India. As per the bureau, OcerFX collected funds from users and then used dummy entities to channelise the money.

Furthermore, the Reserve Bank of India (RBI) hasn’t approved the platform to trade in foreign exchanges, As per ED, the funds collected by OctaFX were transferred to multiple e-wallets of Neteller, Skrill etc.

“The said app (OctaFX) and its website have not been authorised by the RBI (Reserve Bank of India) to deal in forex trading. The conduct and operations of forex trading (not being conducted on recognized stock exchange) is illegal, and also violates FEMA Regulations,” ED said in a statement.

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