ED probes alleged Rs 5,000 crore cross-border crypto transfers; raids conducted in Bengaluru

The Enforcement Directorate (ED) is investigating alleged cross-border financial transactions using cryptocurrency, especially stablecoins, amounting to approximately Rs 5,000 crore. The ED conducted raids under the Foreign Exchange Management Act (FEMA) at three locations in Bengaluru and one in Madhya Pradesh on October 27. Preliminary findings estimate FEMA contraventions by one entity at Rs 4,600 crore, while the Instadapp case is estimated at $40 million (Rs 380 crore).