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.
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