Add as a preferred source on GoogleIndia Searches Mudrex, Instadapp in Probe Into Crypto Flows Over ₹5,000 Crore
Preliminary estimates tie more than ₹4,600 crore in alleged transfers and foreign-platform crypto balances to RPFAS Technologies; a separate Instadapp inquiry involves about $40 million.
India’s Enforcement Directorate (ED) searched locations in Bengaluru and Madhya Pradesh on Tuesday, Oct. 27, as it investigates alleged crypto-linked transfers across borders that the agency put above ₹5,000 crore.
The agency said the operation was conducted under Section 37 of India’s Foreign Exchange Management Act. It also pointed to shell entities in tax-haven jurisdictions, significant over-the-counter trading and alleged overseas payments through Binance and Bybit.
Separate preliminary estimates divided the allegations between RPFAS Technologies and Instadapp. The ED put alleged unauthorized transfers and crypto held on foreign platforms linked to RPFAS — operator of Mudrex and Saber.money — above ₹4,600 crore. In the Instadapp inquiry, it estimated alleged Foreign Exchange Management Act violations at about $40 million and said the investigation was ongoing.
The case follows a separate June investigation involving five other crypto payment firms. The ED searched six premises in Bengaluru during that operation, with preliminary findings topping ₹2,500 crore in alleged unauthorized transfers involving virtual digital assets.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.