ED Uncovers Rs 2,500 Crore Illegal Remittance Network in Crypto Firm Raids

The Enforcement Directorate's Bengaluru unit conducted coordinated searches on June 17 at five fintech companies and cryptocurrency platforms, alleging an illegal cross-border remittance network worth over Rs 2,500 crore.

The agency placed freeze orders on bank accounts holding approximately Rs 6 crore linked to the alleged operations. According to an ED release, preliminary findings indicate contravention of the Foreign Exchange Management Act (FEMA) through unauthorised cross-border money transfers.

FEMA regulates foreign exchange transactions in India, and violations can lead to penalties and seizure of assets. The investigation is ongoing.