🇮🇳BREAKING: ED has raided five crypto platforms across six Bengaluru locations, detecting over Rs 2,500 crore in alleged FEMA violations tied to unauthorised cross-border transfers.

The platforms under scrutiny are Transak, Carret, Onramp Money, Onmeta, and Xpat. Around Rs 6 crore in bank balances has been frozen so far.
The ED alleges the firms ran on-ramp and off-ramp services that converted customer deposits into stablecoins like USDT and transferred the proceeds abroad without any RBI authorisation, bypassing purpose codes and Foreign Inward Remittance Certificates entirely.
Investigators also found shell companies in tax havens and foreign crypto platforms being used to route funds outside official remittance channels. In one case, a single US-based individual was allegedly running the entire operation with family support in India.
None of the entities held RBI authorisation to conduct cross-border remittances. The ED is now targeting the infrastructure, not just the users.