The Enforcement Directorate conducted the raids, seizing mobile devices and a hard disk. It also froze the broker’s bank accounts.
"We have no offices, subsidiaries, or operational presence in India," Zarvista spokesperson. "We do not market our services to Indian residents, nor do we conduct regulated business activities within the country."
The Indian financial crimes police have raided multiple locations of Zara FX (now known as Zarvista Capital Markets), a forex and contracts for differences (CFDs) broker, and frozen its bank accounts, which hold about INR 39 million (USD 445,000), for illegally operating as a forex trading platform in the country.
Has India Started to Crack Down on “Illegal” FX Platforms?
According to a press release by the Enforcement Directorate, which polices financial crimes in India, the authorities searched four Zara FX premises across multiple locations last Thursday and seized several mobile devices and a hard disk.
All the searched premises were located in Kerala, a southern state of India.
"We have no offices, subsidiaries, or operational presence in India," a Zarvista spokesperson said. "We do not market our services to Indian residents, nor do we conduct regulated business activities within the country."
The Enforcement Directorate alleged that Zara FX has been operating illegally in India by collecting deposits through mule accounts and promising high returns to investors.
“Preliminary investigation has revealed that the syndicate was operating through unregulated online trading platforms and collecting deposits via a network of mule accounts,” the press release by the Indian authority stated.
“Investors were lured with the promise of unusually high returns, and the collected funds were routed through multiple layers of bank and virtual accounts to obscure their origin. Part of the funds were allegedly diverted for speculative forex trading abroad, while the remaining amounts were siphoned off for personal gains.”
FinanceMagnates.com reached out to Zara FX but has not received any reply as of press time.
In fact, CFD brokers and prop firms are heavily investing in India due to the country’s potential. Recently, the CEO of prop firm The5ers revealed that India is its largest market.
Zara FX CEO Is Under Investigation
Apart from the raid and seizure, the Indian authorities also initiated an investigation against Jamsheer TV, CEO of Zara FX, and “others,” but did not name anyone else.
"While our CEO, Mr. Jamsheer, has been mentioned in the reports, his nationality is being wrongly used to imply that the Company operates in India," the Zarvista spokesperson added. "This assumption is entirely unfounded and ignores the reality of our operations and compliance framework."
Jamsheer, CEO of Zarvista Capital Markets, Source: LinkedIn
Locally, the central bank of India heavily regulates forex trading, but there are no regulations for platforms operating from offshore. However, India also has strict currency controls, and the actions against Zara FX appear based on those breaches.
The Enforcement Directorate highlighted that Zara FX is “a Cyprus-registered forex trading platform.” Although the broker has a physical presence in Cyprus, it is not regulated on the island. Instead, it offers its CFDs trading services under two offshore licences – one from Mauritius and the other from Comoros.
According to the Zarvista website, the Cyprus entity “acts as a customer support service provider and payment agent of the group.”
"The Company is not a Cyprus-registered forex platform, and our Cyprus office operates strictly as a lawful administrative support center — handling accounting, finance, compliance coordination, and management oversight," the spokesperson of the company continued. "No client onboarding, transaction processing, marketing, or sales are conducted from Cyprus. The suggestion that our Cyprus operations have any involvement in the alleged activities is without any factual basis."
"The ongoing investigation is a matter we take seriously. Both the Company and our CEO will cooperate fully with the relevant authorities and are prepared to defend themselves vigorously against allegations that are entirely baseless and unsupported by evidence."
Meanwhile, Zara FX is not the only forex trading platform under the Indian authorities' scrutiny. Earlier, the Enforcement Directorate took action against the Indian unit of Octa FX for similar allegations. However, the scale of Octa FX’s operations was much bigger.
Octa FX generated around $93.4 million from its Indian operations over nine months, which the Indian authorities classified as “proceeds of crime.” The Enforcement Directorate has also seized and attached assets worth $34.5 million linked to Octa FX, including 19 properties in Spain owned by Pavel Prozorov, described as “the mastermind behind the platform Octa FX.”
"We would like to point out that the global broker Octa is in no way affiliated with Mr. Pavel Prozorov," an Octa representative said. "None of Octa's current management is facing any legal issues. The company has no relation to any properties seized by the Spanish authorities and has not received any notifications from local law enforcement."
The Indian financial crimes police have raided multiple locations of Zara FX (now known as Zarvista Capital Markets), a forex and contracts for differences (CFDs) broker, and frozen its bank accounts, which hold about INR 39 million (USD 445,000), for illegally operating as a forex trading platform in the country.
Has India Started to Crack Down on “Illegal” FX Platforms?
According to a press release by the Enforcement Directorate, which polices financial crimes in India, the authorities searched four Zara FX premises across multiple locations last Thursday and seized several mobile devices and a hard disk.
All the searched premises were located in Kerala, a southern state of India.
"We have no offices, subsidiaries, or operational presence in India," a Zarvista spokesperson said. "We do not market our services to Indian residents, nor do we conduct regulated business activities within the country."
The Enforcement Directorate alleged that Zara FX has been operating illegally in India by collecting deposits through mule accounts and promising high returns to investors.
“Preliminary investigation has revealed that the syndicate was operating through unregulated online trading platforms and collecting deposits via a network of mule accounts,” the press release by the Indian authority stated.
“Investors were lured with the promise of unusually high returns, and the collected funds were routed through multiple layers of bank and virtual accounts to obscure their origin. Part of the funds were allegedly diverted for speculative forex trading abroad, while the remaining amounts were siphoned off for personal gains.”
FinanceMagnates.com reached out to Zara FX but has not received any reply as of press time.
In fact, CFD brokers and prop firms are heavily investing in India due to the country’s potential. Recently, the CEO of prop firm The5ers revealed that India is its largest market.
Zara FX CEO Is Under Investigation
Apart from the raid and seizure, the Indian authorities also initiated an investigation against Jamsheer TV, CEO of Zara FX, and “others,” but did not name anyone else.
"While our CEO, Mr. Jamsheer, has been mentioned in the reports, his nationality is being wrongly used to imply that the Company operates in India," the Zarvista spokesperson added. "This assumption is entirely unfounded and ignores the reality of our operations and compliance framework."
Jamsheer, CEO of Zarvista Capital Markets, Source: LinkedIn
Locally, the central bank of India heavily regulates forex trading, but there are no regulations for platforms operating from offshore. However, India also has strict currency controls, and the actions against Zara FX appear based on those breaches.
The Enforcement Directorate highlighted that Zara FX is “a Cyprus-registered forex trading platform.” Although the broker has a physical presence in Cyprus, it is not regulated on the island. Instead, it offers its CFDs trading services under two offshore licences – one from Mauritius and the other from Comoros.
According to the Zarvista website, the Cyprus entity “acts as a customer support service provider and payment agent of the group.”
"The Company is not a Cyprus-registered forex platform, and our Cyprus office operates strictly as a lawful administrative support center — handling accounting, finance, compliance coordination, and management oversight," the spokesperson of the company continued. "No client onboarding, transaction processing, marketing, or sales are conducted from Cyprus. The suggestion that our Cyprus operations have any involvement in the alleged activities is without any factual basis."
"The ongoing investigation is a matter we take seriously. Both the Company and our CEO will cooperate fully with the relevant authorities and are prepared to defend themselves vigorously against allegations that are entirely baseless and unsupported by evidence."
Meanwhile, Zara FX is not the only forex trading platform under the Indian authorities' scrutiny. Earlier, the Enforcement Directorate took action against the Indian unit of Octa FX for similar allegations. However, the scale of Octa FX’s operations was much bigger.
Octa FX generated around $93.4 million from its Indian operations over nine months, which the Indian authorities classified as “proceeds of crime.” The Enforcement Directorate has also seized and attached assets worth $34.5 million linked to Octa FX, including 19 properties in Spain owned by Pavel Prozorov, described as “the mastermind behind the platform Octa FX.”
"We would like to point out that the global broker Octa is in no way affiliated with Mr. Pavel Prozorov," an Octa representative said. "None of Octa's current management is facing any legal issues. The company has no relation to any properties seized by the Spanish authorities and has not received any notifications from local law enforcement."
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Two Offshore Octa Entities to Exit Brand-Sharing Model, Plans New Broker Launch
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
