ED Probes Unauthorised Cross-Border Crypto Transfers Worth ₹4,940 Cr
The ED conducted searches across Bengaluru and Madhya Pradesh targeting Mudrex, Saber.money, Instadapp, and Fluid. The probe focuses on the use of stablecoins like USDT and USDC to bypass authorized financial channels in violation of the Foreign Exchange Management Act.
Key points
- Investigation involves alleged FEMA violations exceeding ₹4,940 crore.
- Searches were conducted at four premises in Bengaluru and Madhya Pradesh.
- Stablecoins were allegedly used to facilitate unauthorized cross-border transfers.
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