The Enforcement Directorate (ED) of India stated that it conducted raids at six locations in Bangalore linked to multiple companies, investigating a case involving cross-border fund transfers exceeding ₹250 billion through cryptocurrency, and froze assets worth approximately ₹60 million. The companies involved include Transak, Carretx, Mokshagna Technologies, Buyhatke, and Abhibha, among others. Their platforms are accused of providing on-ramp and off-ramp services between fiat currency and virtual digital assets, enabling users to exchange Indian Rupees for stablecoins like USDT without authorization from the Reserve Bank of India (RBI) and use them for cross-border fund transfers. ED claims that these entities failed to comply with RBI-mandated codes of purpose and proof of foreign exchange receipts, with some transactions involving OTC trades, large-scale deals, and fund routing through offshore shell companies. (The New Indian Express) https://www.(wublock123.com)/news/news-63111