India’s Enforcement Directorate just kicked down the door on five Bengaluru-based crypto firms suspected of moving more than Rs 2,500 crore, roughly $300 million, across borders without the blessing of India’s central bank.
The raids, conducted on June 17 across six locations, targeted companies operating crypto payment and remittance platforms. The ED alleges these firms converted Indian rupees into virtual digital assets, primarily stablecoins like USDT, and used a mix of over-the-counter trading, shell entities, and foreign platforms to shuttle money out of the country.
Who got raided and what did the ED find
The five companies under the microscope 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 authorizations required by the Reserve Bank of India for cross-border money movement. The ED froze approximately Rs 6 crore in bank assets connected to these firms during the operation.
