The searches were carried out on June 17 under Section 37 of FEMA.
| Photo Credit: da-kuk
The Directorate of Enforcement (ED) has detected alleged violations of the Foreign Exchange Management Act (FEMA) involving more than ₹2,500 crore after conducting searches on six premises in Bengaluru linked to cryptocurrency-based cross-border money transfers.
The searches were carried out on June 17 under Section 37 of FEMA at the offices of Transak Technology India Pvt. Ltd. (Transak), Carretx Technologies Pvt. Ltd. (Carret), Mokshagna Technologies Pvt. Ltd., Buyhatke Internet Pvt. Ltd., and Abhibha Technologies Pvt. Ltd.
According to the ED,…
