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India’s enforcement agency is investigating multiple companies in Bengaluru over cross-border cryptocurrency transfers involving 250 billion rupees, freezing assets worth approximately 60 million rupees

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The Enforcement Directorate (ED) of India said it conducted surprise raids at six locations in Bengaluru tied to multiple companies, investigating cases involving more than 2500 billion rupees in cross-border fund transfers conducted through cryptocurrency, and freezing assets worth about 6000 million rupees. The companies involved include Transak, Carretx, Mokshagna Technologies, Buyhatke, and Abhibha, and their related platforms are accused of providing on-ramp and off-ramp services between fiat currency and virtual digital assets, enabling users to exchange Indian rupees for stablecoins such as USDT and use them for cross-border fund transfers without authorization from the Reserve Bank of India (RBI). The ED said the above entities failed to follow compliance procedures such as RBI-required purpose codes and foreign-exchange credit documentation; some transactions involved splitting and transferring funds through OTC, large-ticket transactions, and overseas shell companies. (The New Indian Express)
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OrdersPlacedBeforeTheStorm
· 6h ago
RBI authorization didn't pass this time, the platform is really bold.
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MoonlightDisconnectSwitch
· 6h ago
60 million frozen assets vs 250 billion in transactions, the ratio is a bit delicate
View OriginalReply0
BittersweetArb
· 6h ago
OTC + shell company split, a classic old trick.
View OriginalReply0

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