ED case against five Bengaluru-based entities for ‘unauthorised’ cross-border crypto transactions
The Enforcement Directorate (ED) on Friday said it initiated a FEMA investigation against five Bengaluru-based companies alleged to have undertaken cross-border transactions worth Rs 2,500 crore using cryptocurrency without due authorisation from the RBI.
The central agency conducted searches at six premises in Karnataka’s capital city on June 17.
It identified the covered entities through their brand identities and holding company names: Transak (Transak Technology India); Carret (Carretx Technologies); Xpat, formerly known as Remit2any (Mokshagna Technologies); Onramp. money (Buyhatke Internet) and Onmeta (Abhibha Technologies).
