India's ED probes unauthorised crypto transfers worth ₹4,940 Cr
India's Enforcement Directorate searched premises in Bengaluru and Madhya Pradesh on October 27 over alleged FEMA violations by crypto platforms Mudrex and Saber.money and DeFi protocol Instadapp/Fluid. The agency alleges unauthorised cross-border transfers via stablecoins USDT and USDC exceeding ₹4,940 Cr.
- Searches conducted October 27 at four premises under FEMA
- Mudrex and Saber.money violations alleged above ₹4,600 Cr
- Instadapp/Fluid case involves about $40 Mn (₹380.6 Cr)
- ED cited shell entities in tax havens and OTC deals via Binance and Bybit
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