ED Probes Unauthorised Cross-Border Crypto Transfers Worth ₹4,940 Cr

by · Inc42

SUMMARY

  • The ED has launched investigations into alleged violations of the Foreign Exchange Management Act (FEMA) involving two crypto platforms and decentralised finance protocol
  • This is the second such investigation that the agency has revealed in recent months. In June, the ED searched premises linked to five Bengaluru-based platforms, over alleged unauthorised cross-border crypto transfers
  • ED’s Bengaluru Zonal Office conducted searches at three premises in Bengaluru and one in Madhya Pradesh on October 27 under Section 37 of FEMA, 1999