Enforcement Directorate alleges FEMA contraventions involving cryptocurrency payments
The Enforcement Directorate conducted searches across four premises as part of an investigation into alleged Foreign Exchange Management Act (FEMA) violations involving cryptocurrency platforms. The probe targeted RPFAS Technologies (operating Mudrex and Saber.money) and Instadapp (decentralized finance protocol), with transactions under investigation totaling approximately Rs 5,000 crore. The ED alleged use of shell entities, illegal OTC deals, and unauthorized foreign payments via exchanges like Binance and Bybit.
Key points
- ED searched four premises for FEMA violations
- Rs 5,000 crore in unauthorized cryptocurrency transactions investigated
- Targeted platforms: Mudrex, Saber.money, and Instadapp
- Alleged shell entities and illegal foreign payouts
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