Crypto India : ED Raids Bengaluru Crypto Firms in ₹2,500 Crore FEMA Probe

Published by

Nidhi Kolhapur

June 20, 2026

Indian Crypto Traders Get Tax Notices as Government Tightens Oversight

India’s Enforcement Directorate (ED) conducted raids on several Bengaluru-based crypto firms, including Transak, Carret, Xpat, and Onmeta, as part of an investigation into alleged Foreign Exchange Management Act (FEMA) violations worth more than ₹2,500 crore. Authorities claim that cryptocurrencies such as USDT were used to facilitate cross-border transactions through foreign exchanges, shell entities, and over-the-counter deals without required regulatory approvals. The case matters because it underscores India’s strict enforcement of foreign exchange and anti-money laundering rules. Next, investigators are expected to examine transaction records and compliance procedures, while crypto businesses face increased scrutiny over international stablecoin transfers.

Trust with CoinPedia:

CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:

All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.