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ED case against five Bengaluru-based entities for 'unauthorised' cross-border crypto transactions

The Enforcement Directorate has initiated a FEMA probe into five companies located in Bengaluru for their alleged involvement in unauthorized cross-border transactions amounting to Rs 2,500 crore through cryptocurrency. Investigations uncovered significant regulatory evasion via online ads promoting immediate fiat-to-crypto swaps and the establishment of shell companies. Consequently, the ED has frozen bank accounts totaling around Rs 6 crore.

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Economic TimesLean R·5h ago
ED case against five Bengaluru-based entities for 'unauthorised' cross-border crypto transactions
The Enforcement Directorate has initiated a FEMA probe into five companies located in Bengaluru for their alleged involvement in unauthorized cross-border transactions amounting to Rs 2,500 crore through cryptocurrency. Investigations uncovered significant regulatory evasion via online ads promoting immediate fiat-to-crypto swaps and the establishment of shell companies. Consequently, the ED has frozen bank accounts totaling around Rs 6 crore.
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ED case against five Bengaluru-based entities for 'unauthorised' cross-border crypto transactions

How 1 sources are covering this

ED case against five Bengaluru-based entities for 'unauthorised' cross-border crypto transactions

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