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Jun 20, 2026

India's Enforcement Directorate Raids Bengaluru Crypto Firms in ₹2,500 Crore FEMA Probe

India's Enforcement Directorate conducted raids on six Bengaluru-based crypto on-ramp/off-ramp firms, investigating alleged unauthorized cross-border money transfers totaling approximately ₹2,500 crore ($300 million).

Jun 20, 2026·2 sources

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Top claims

▪Approximately ₹6 crore held in bank accounts suspected of being used for the transfers were frozen by the ED
▪The firms allegedly facilitated unauthorized cross-border money transfers using cryptocurrencies like the stablecoin USDT
▪In 2023, India placed virtual asset service providers under the same anti-money-laundering (AML) laws that apply to banks

Topics

Crypto enforcement actions Crypto payments regulation Crypto regulation Anti-money laundering (AML)Crypto privacy & surveillance

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