India ED Raids Crypto Payment Platforms Over Unreported Cross-Border Transfers

The Enforcement Directorate (ED) in India has conducted raids on five Bengaluru-based crypto payment platforms, intensifying the country's crackdown on cryptocurrency transactions.

The agency searched six premises tied to Transak Technology India, Carretx Technologies (Carret), Mokshagna Technologies (Xpat), Abhibha Technologies (Onmeta), and another unnamed company.

The ED alleged that these platforms enabled unauthorized cross-border transfers, which allowed customers to convert rupees into digital assets, primarily USDT, without proper documentation or reporting under the Foreign Exchange Management Act (FEMA).

The agency claimed that these transactions bypassed normal banking channels and instead used crypto platforms for over-the-counter sales, with the proceeds paid in cash to recipients in other countries.