ED probes ₹4,940 Cr in unauthorised cross-border crypto transfers

The Enforcement Directorate is investigating alleged FEMA violations involving unauthorised cross-border fund transfers worth more than ₹4,940 Cr. The probe covers crypto platforms Mudrex and Saber.money and DeFi protocol Instadapp with its Fluid platform. ED searched three premises in Bengaluru and one in Madhya Pradesh on October 27. It says stablecoins such as USDT and USDC were used to move money outside authorised channels.

Source: Inc42 ↗