india

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

Published on: 21 Jun 2026, 06:37 AM

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.

Source: Indian Express

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Times of India 05 Aug 2026, 11:51 AM

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Times of India 05 Aug 2026, 12:06 PM

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The Hindu 05 Aug 2026, 12:07 PM

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The Hindu 05 Aug 2026, 10:51 AM

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BBC News 05 Aug 2026, 11:00 AM

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Times of India 05 Aug 2026, 11:10 AM

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