ED searches premises linked to Mudrex, Instadapp over alleged ₹4,600-crore FEMA violations

Resumen del corpus

The Directorate of Enforcement (ED) conducted searches at several premises in Bengaluru and Madhya Pradesh following complaints alleging large-scale Foreign Exchange Management Act (FEMA) violations. The investigation focused on entities associated with cryptocurrency platforms like Mudrex and Instadapp, which allegedly facilitated unauthorized cross-border money transfers using virtual digital assets such as stablecoins. Preliminary findings suggest the circumvention of FEMA regulations through an unauthorized cross-border payment system, involving over ₹4,600 crore in alleged transactions.