Abstract：In a major development, the Enforcement Directorate (ED) is examining alleged cryptocurrency-linked cross-border transactions worth approximately INR 5,000 crore ($585 million). The investigation puts Mudrex, Instadapp and Saber.money under the scanner. The ED, on October 27, 2026, conducted raids across four premises in India, three in Bengaluru, Karnataka, and one in Madhya Pradesh, under the Foreign Exchange Management Act (FEMA). The latest operation comes after the ED investigated CoinSwitch Kuber. In August 2022, the ED conducted raids across premises associated with the crypto exchange over alleged violations of India's forex laws.
In a major development, the Enforcement Directorate (ED) is examining alleged cryptocurrency-linked cross-border transactions worth approximately INR 5,000 crore ($585 million). The investigation puts Mudrex, Instadapp and Saber.money under the scanner. The ED, on October 27, 2026, conducted raids across four premises in India, three in Bengaluru, Karnataka, and one in Madhya Pradesh, under the Foreign Exchange Management Act (FEMA). The latest operation comes after the ED investigated CoinSwitch Kuber. In August 2022, the ED conducted raids across premises associated with the crypto exchange over alleged violations of India's forex laws.
ContentsThe latest ED probe focuses on RPFAS Technologies, which operates Saber.Money and Mudrex. According to the ED, the company ensured overseas transfers without approval from the Reserve Bank of India (RBI). Speculations are rife about users depositing fiat currency, which was converted into stablecoins such as USDT and sold through crypto exchanges to move funds beyond the scope of official banking channels. Further, the agency named Binance and Bybit as suspects in the transactions under probe. The ED estimated the alleged FEMA violations associated with RPFAS Technologies to the tune of INR 4,600 crore ($538 million).
The ED's investigation expanded to put Instadapp, which operates as Fluid, under the scanner. According to the ED, Founder Sowmay Jain managed the protocol from India even though the company presented itself as an operation in the US. The agency revealed that Stablecoin revenues were transferred through entities in Dubai, Singapore and the British Virgin Islands before being converted into fiat currency and moved to India as payments. The ED terms it as “bogus software development and consultancy fees”. The alleged FEMA violations concerning Instadapp are pegged at INR 380 crore ($40 million).
India has cracked down on offshore crypto exchanges over anti-money laundering compliance. In December 2023, investigative authorities moved to block access to as many as nine platforms, including KuCoin and Binance. India's Financial Intelligence Unit fined Binance worth $188.2 million for alleged violations concerning the anti-money laundering laws in 2024. Additionally, tax authorities cracked down on six Indian crypto exchanges in January 2022, uncovering unpaid taxes worth approximately $9.4 million, according to news reports.
Being vigilant is the first step to financial protection. WikiFX is the pathway to achieve it. We cover in-depth broker investigation reports that help you figure out whether to trust the broker for wealth creation. Follow us now!
Knowledge pays at WikiFX.Every time you share a WikiFX article, you'll receive 50 Reward Points. Grow your rewards with every share and unlock exclusive gifts in the WikiFX Points Mall. Start earning today!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
India's foreign exchange reserves rose by $8.663 billion in a single week to touch an all-time high of $725.727 billion, according to DD News. For anyone watching the rupee, the number matters because reserves are the cushion the Reserve Bank of India (RBI, the country's central bank) can draw on when it steps into the currency market.
Did MilelePrime refuse to let you withdraw your funds from the trading platform? Did the United Kingdom-based broker terminate your account, making it difficult for you to access the MilelePrime login dashboard? In this article, we have reviewed the user allegations and shed light on its regulatory status.
A 45-year-old land broker from Ahmedabad has allegedly lost Rs 90.2 lakh after a woman he befriended on Facebook and her accomplice drew him into a purported cryptocurrency trading platform called Trust Coin. The cybercrime police registered a complaint in the case on Tuesday, according to the Times of India.
The Intelligence Fusion and Strategic Operations (IFSO) unit of the Delhi Police has cracked down on a cyber fraud network following an INR 3.9-crore loss faced by a businessman through as many as 149 unauthorised transactions. According to the news report, the racket allegedly laundered the user's funds through many channels: mule accounts, cash withdrawals and hawala before converting it into USDT cryptocurrency using a foreign exchange application. So far, seven people have been nabbed by the IFSO.
WikiFXWikiFXWikiFXWikiFXWikiFXWikiFXWikiFXWikiFXWikiFXWikiFX
