Is iForex a Scam? - Should You Trust Your Money with Them?

Need advise on dealing with an incorrect FEMA forex online trading violation warning

This morning I got a notification from Citibank (where I have my salary account) saying that there is a FEMA forex online trading violation on my account and that my account will be closed unless I provide them an undertaking not to use my account for such illegal purposes.
The notification mentions the name of the recipient in the flagged transaction. A few months back, I had done currency exchange from INR to SGD for my personal trip to Singapore through an authorized, domestic-only, RBI approved currency exchange company called iForex. Unfortunately there is an online forex trading company with the same name and according to the folks at the iForex where I did the exchange, this is the issue.
So how do I deal with this incorrect warning? I do have a proper receipt with all the details of the iForex where I did the exchange. When I talked to the Citibank customer care, they didn't have any details apart from the information that they have sent me a notification for the violation. So they have escalated this issue to the backend team which flagged the transaction and will provide me the details of the transaction in 2 working days.
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The company caters to Indian Forex traders, but the situation in India for retail Forex traders is complicated. Per the FEMA Act, Indian retail traders can only trade with local brokers in currency pairs approved by the Reserve Bank of India (RBI). They are the EUR/INR, the GBP/INR, the JPY/INR, and the USD/INR. The RBI, as of December 2015, added cross-currency futures in the EUR/USD, GBP/USD ... iFOREX was founded in 1996 by a group of forex dealers and bankers. Today, it operates in 15 languages and 159 countries worldwide, including India, the Philippines, Venezuela, and Greece. The company boasts over 20 years of industry experience and 6.4 million clients. The company’s head office is in Limassol, Cyprus. All client funds are stored with leading banks for enhanced protection and are completely separated from company capital. Advanced tools. We provide automated features and price transparency, use real time account management and reporting as well as margin analysis, P&L, deal confirmation and market analysis. Payment clearing services are provided by Formula Investment House B.O.S. Ltd ... Today we will check out a Forex company that has been around since 1996 and during that time it collected many complaints and reports. It’s called iForex. On the surface, it looks much like any other Forex trading company but once you create an account that’s where the truth is revealed. If you were planning on signing up for iForex I suggest that you read this article, before taking any ... The owners of the company have extensive experience in Forex, stocks, options and CFDs markets as traders and dealers. We have gained our experience by working in managerial positions with the largest brokers, who are now our major competitors. Even though we are not a company of a big size, we are big enough to always meet our customers’ demand on time, and small enough to provide unique ... iFOREX was founded in 1996 by a group of bankers and Forex dealers and is now one of the largest and most respected firms in the industry. We have accomplished this due to our commitment to high quality customer service, state-of-the-art technology and diversity of global trade products. Due to our constant ambition to be known as a market leader through high customer service, we have ... At iforex forex broker you may pay a premium of 100 USD to 1,000 USD and trade up to 100 times of it in open positions at any given time. Larger premium are available on request. At the broker’s blog traders can read iforex reviews from other traders as well as leave their own iforex review about the trading with the company. As to the ...

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