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Crypto India : ED Raids Bengaluru Crypto Firms in ₹2,500 Crore FEMA Probe
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
India’s Enforcement Directorate (ED) conducted raids on several Bengaluru-based crypto firms, including Transak, Carret, Xpat, Onramp.money, 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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