ED Raids Bangalore Offices of Major Crypto Service Providers
On June 17, 2026, the Enforcement Directorate (ED) conducted raids at six locations in Bengaluru, targeting crypto “on-ramp/off-ramp” platforms. The agency uncovered a ₹2,500 crore illegal money transfer ring that violated the Foreign Exchange Management Act (FEMA). The targeted firms allegedly facilitated unauthorized cross-border transactions bypassing the Reserve Bank of India’s banking regulations.
Targeted Entities and Assets Frozen
The investigation targeted five major service providers, including Transak, Carret, Xpat, Onramp.money, and Onmeta. Investigators found that these firms utilized stablecoins like Tether (USDT) to move capital internationally without proper disclosure. Following the raids, the ED froze over ₹6 crore in linked bank accounts as investigations continue into potential money laundering and regulatory violations.
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