ED Raids Bengaluru Crypto Firms Over $260M Unauthorized Transfers

The Enforcement Directorate in India has raided five Bengaluru-based crypto firms suspected of moving over $260 million across borders without RBI authorization.

The raids, conducted on June 17 at six locations, targeted companies operating crypto payment and remittance platforms. The ED alleges these firms converted Indian rupees into stablecoins like USDT, using a mix of over-the-counter trading, shell entities, and foreign platforms to shuttle money out of the country.

The five companies under investigation are Transak Technology India Private Limited, Carretx Technologies Private Limited, Mokshagna Technologies Private Limited, Buyhatke Internet Pvt. Ltd., and Abhibha Technologies Private Limited. Each allegedly operated without the required RBI authorizations for cross-border money movement.

The ED froze approximately Rs 6 crore in bank assets connected to these firms during the operation. The investigation is being pursued under the Foreign Exchange Management Act, with a focus on unauthorized remittance businesses rather than money laundering cases.