ED probes Bengaluru firms over alleged ₹2,500 cr crypto transfers
The Enforcement Directorate (ED) is investigating five Bengaluru-based companies for allegedly moving over ₹2,500 crore through unauthorized cross-border crypto transactions.
On June 17, the agency raided six locations and froze about ₹6 crore in bank accounts.
The companies, Transak Technology India, Carretx Technologies, Xpat, formerly known as Remit2any (Mokshagna Technologies), Buyhatke Internet, and Abhibha Technologies, are accused of breaking Reserve Bank of India (RBI) rules by using online ads to promote instant fiat-to-crypto swaps and routing money via foreign platforms and shell companies.
ED calls actions major regulatory breach
The ED says these actions are a major regulatory breach and is digging deeper into the firms' financial records.
This probe could shape how crypto transfers are handled in India going forward, especially for anyone dealing with international transactions.