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India’s ED Probes Mudrex, Instadapp Over Alleged FEMA Violations
India’s Enforcement Directorate (ED) has carried out searches in Bengaluru and Madhya Pradesh as part of its investigations into alleged cryptocurrency-based cross-border transfers bypassing the Reserve Bank of India (RBI) remittance channels. The probes into Mudrex/Saber.money and Instadapp/Fluid relate to suspected violations of the Foreign Exchange Management Act (FEMA), 1999, with alleged transactions exceeding ₹4,600 crore in one investigation and about $40 million in the other. The main targeted entity is Bengaluru-based RPFAS Technologies Private Limited, which runs the platforms Mudrex and Saber.money. Investigators also uncovered a network of overseas shell companies controlled from India, and balances held by unauthorized cryptos on foreign platforms like Binance and Bybit, totaling over ₹4,600 crore.