India’s Enforcement Directorate launched a crackdown on the country’s crypto economy, saying it had quietly become unauthorized cross-border money transfer pipes. The regulator raided six premises linked to five Bengaluru-based fiat on-ramp and off-ramp platforms, allegedly conducting illegal cross-border transfers.

Through its Bengaluru Zonal office, the Enforcement Directorate ransacked six premises this week under section 37 of the Foreign Exchange Management Act (FEMA), 1999. ED named Transak Technology India, Carretx Technologies (Carret), Mokshagna Technologies (formerly Xpat, now Remit2Any), Buyhatke Internet (which runs Onramp.money), and Abhibha Technologies (Onmeta), as the crypto payments involved.

The investigators…