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ED Raids Bengaluru Crypto Firms Over Rs 2,500 Cr FEMA Case The Enforcement Directorate (ED) has searched multiple Bengaluru-based crypto platforms over allegations of unauthorized cross-border money transfers worth over Rs 2,500 crore, raising concerns regarding compliance with foreign exchange laws. What Happened The Enforcement Directorate (ED) has conducted searches at six locations in Bengaluru as part of an investigation into the cryptocurrency sector. The regulatory body is looking into allegations that several platforms facilitated unauthorized cross-border money transfers amounting to more than Rs 2,500 crore. The investigation centers on potential violations of the Foreign Exchange Management Act (FEMA). The entities targeted in this action include Transak Technology India Pvt. Ltd., Carretx Technologies Pvt. Ltd., Mokshagna Technologies Pvt. Ltd., Buyhatke Internet Pvt. Ltd., and Abhibha Technologies Pvt. Ltd. These companies operate various well-known crypto platforms, including Transak, Carret, and Onramp.money. Why This Matters For Investors For the broader fintech and digital asset industry, this event highlights the increasing regulatory focus on how crypto platform…

ED searches B'luru crypto firms, detects alleged FEMA violations ... ED searches B'luru crypto firms, detects alleged FEMA violations exceeding Rs 2,500cr By IANS | Updated: June 19, 2026 19:35 IST 2026-06-19T19:34:00+5:30 2026-06-19T19:35:04+5:30 Preferred on Preferred on Next Bengaluru, June 19 The Directorate of Enforcement (ED), Bengaluru Zonal Office, has conducted searches at six premises in ... ED searches B'luru crypto firms, detects alleged FEMA violations exceeding Rs 2,500cr Bengaluru, June 19 The Directorate of Enforcement (ED), Bengaluru Zonal Office, has conducted searches at six premises in Bengaluru in connection with alleged large-scale violations of the Foreign Exchange Management Act (FEMA), 1999, involving unauthorised cross-border money transfers through Virtual Digital Assets (VDAs), commonly known as cryptocurrencies, an official statement said on Friday. The searches were carried out on June 17 under Section 37 of FEMA at the premises of several firms. According to the ED, the investigation was initiated following complaints alleging large-scale FEMA violations by Bengaluru-based entities using cryptocurrencies to facilitate international money transfers. I…

ED searches B'luru crypto firms, detects alleged FEMA violations ... ED searches B’luru crypto firms, detects alleged FEMA violations exceeding Rs 2,500cr By: IANS On: Friday, June 19, 2026 7:34 PM Google News Follow Us Bengaluru, June 19 (IANS) The Directorate of Enforcement (ED), Bengaluru Zonal Office, has conducted searches at six premises in Bengaluru in connection with alleged large-scale violations of the Foreign Exchange Management Act (FEMA), 1999, involving unauthorised cross-border money transfers through Virtual Digital Assets (VDAs), commonly known as cryptocurrencies, an official statement said on Friday. The searches were carried out on June 17 under Section 37 of FEMA at the premises of several firms. According to the ED, the investigation was initiated following complaints alleging large-scale FEMA violations by Bengaluru-based entities using cryptocurrencies to facilitate international money transfers. Intelligence gathered during discreet inquiries indicated that several unauthorised payment system operators were allegedly circumventing FEMA regulations by using VDAs to undertake cross-border remittances. The agency said these entities openly advertised services…

ED searches B'luru crypto firms, detects alleged FEMA violations ... Home » General » Crime » ED searches B’luru crypto firms, detects alleged FEMA violations exceeding Rs 2,500cr Posted By: Gopi June 19, 2026 Bengaluru, June 19 (SocialNews.XYZ) The Directorate of Enforcement (ED), Bengaluru Zonal Office, has conducted searches at six premises in Bengaluru in connection with alleged large-scale violations of the Foreign Exchange Management Act (FEMA), 1999, involving unauthorised cross-border money transfers through Virtual Digital Assets (VDAs), commonly known as cryptocurrencies, an official statement said on Friday. The searches were carried out on June 17 under Section 37 of FEMA at the premises of several firms. According to the ED, the investigation was initiated following complaints alleging large-scale FEMA violations by Bengaluru-based entities using cryptocurrencies to facilitate international money transfers. Intelligence gathered during discreet inquiries indicated that several unauthorised payment system operators were allegedly circumventing FEMA regulations by using VDAs to undertake cross-border remittances. The agency said these entities openly advertised services…

ED raids 6 Bengaluru crypto firms over ₹2,500 crore FEMA violations Share: Copied Listen to Article Audio Loading voice… 0.85× 1× 1.15× 1.3× 1.5× Synopsis The ED's sweep of six Bengaluru crypto firms has exposed a ₹2,500 crore-plus shadow remittance network hiding in plain sight — firms openly advertising crypto-based money transfers on websites while allegedly operating without a single RBI licence. With shell companies in tax havens, OTC transactions in the hundreds of crores, and US-based controllers directing Indian operations, this is among the largest FEMA enforcement actions in India's crypto sector. Key Takeaways The Enforcement Directorate (ED) searched six premises in Bengaluru on 17 June 2025 under Section 37 of FEMA . Alleged FEMA contraventions involving unauthorised cross-border crypto transfers exceed ₹2,500 crore . Firms under scrutiny include Mokshagna Technologies , Transak Technology India , and Carretx Technologies (Carret app). None of the entities held RBI authorisation for cross-border remittances; transactions bypassed purpose codes and FIRCs. Restraint orders imposed on bank accounts holding approximately ₹6 crore ; further investigation is ongoing. Shell …

India's ED Alleges ₹2,500 Crore Crypto FEMA Violations in Major Probe Show AI Summary India’s Enforcement Directorate investigates crypto firms for allegedly facilitating unauthorized cross-border transfers worth over ₹2,500 crore. The alleged transactions may have affected numerous individuals relying on these services for international money transfers. Restrained bank accounts holding around ₹6 crore highlight the potential financial implications for those involved in the suspected transactions. India’s Enforcement Directorate (ED) has launched a major investigation into alleged violations of the Foreign Exchange Management Act (FEMA), accusing several Bengaluru-based crypto payment companies of facilitating unauthorized cross-border money transfers worth more than ₹2,500 crore. In an X post on Friday, the agency stated that it conducted searches at six locations on June 17 under FEMA, targeting companies that allegedly used virtual digital assets (VDAs) to move funds across borders without authorization from the Reserve Bank of India (RBI). During the operation, the ED also restrained bank accounts holding around ₹6 crore that it believes were used in the suspected transactions…

ED Conducts Searches At Anil Ambani-linked RInfra Premises In FEMA Probe Mumbai: The Enforcement Directorate (ED) on Tuesday conducted searches at six premises of the Anil Ambani-linked Reliance Infrastructure Ltd (RInfra) in Indore (Madhya Pradesh) and Mumbai (Maharashtra) as part of its probe into alleged illegal remittances abroad, violating the Foreign Exchange Management Act (FEMA), official sources said. ED Probing Transactions With Yes Bank According to the sources, the current FEMA-related searches are linked to the Jaipur–Ringus Toll Road, operated by JR Toll Road Pvt Ltd, a RInfra subsidiary. The ED is scrutinizing transactions with Yes Bank between 2017 and 2019, alleging unauthorised transfer of funds abroad and non-compliance with FEMA regulations. In June 2025, RInfra settled a Rs 273 crore loan for the project, previously classified as a non-performing asset, with the company acting as the corporate guarantor. Read Also CBI Registers FIR Against Anil Ambani And Reliance Communications In ₹2,929 Crore SBI Loan Fraud... While the EPC (Engineering, Procurement, and Construction) contract for the toll road was entirely domestic, officials are examining whether funds wer…