ED case against five Bengaluru-based entities for 'unauthorised' cross-border crypto transactions (opens original article in a new tab)

The Enforcement Directorate is investigating five Bengaluru-based companies for unauthorized cross-border cryptocurrency transactions worth Rs 2,500 crore, with frozen accounts totaling Rs 6 crore.

• Enforcement Directorate initiated FEMA investigation against five Bengaluru-based companies for unauthorized cross-border crypto transactions
• Investigation found regulatory evasion through online ads promoting instant fiat-to-crypto swaps and shell companies
• ED froze bank accounts totaling around Rs 6 crore linked to the entities