BENGALURU: The Enforcement Directorate (ED) conducted searches on crypto currency firms in Bengaluru for violation of the FEMA Act.
In a statement, the central agency said, the ED office in Bengaluru has conducted searches under FEMA on October 27 at three locations in Bengaluru and one in Madhya Pradesh over unauthorized cross-border financial transactions using cryptocurrency involving more than Rs 5,000 crore (approx.).
ED Bengaluru has conducted searches under FEMA on 27.10.2026 at 3 locations in Bengaluru & Madhya Pradesh over unauthorized cross border financial transactions using cryptocurrency involving more than ₹5,000 Crore (Approx.). The probe exposed use of shell entities in tax haven countries, massive OTC deals and illegal foreign payouts via platforms like Binance and Bybit in violation of FEMA provisions.
— ED (@dir_ed) October 29, 2026
The probe exposed the use of shell entities in tax haven countries, massive OTC deals and illegal foreign payouts via platforms like Binance and Bybit in violation of FEMA provisions.
It is alleged that the two companies had illegal transaction of more than thousands of crores with entities based in Singapore, Malaysia, Hong Kong and America. In the background of the illegal business, the searches were carried out on the two companies.
