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ED has taken major action against crypto-based money transfers in India.

5 platforms were raided in Bengaluru - Transak, Carret, Xpat, Onrampmoney, and Onmeta.

Authorities say around ₹2,500 crore was moved across borders using USDT without RBI approval and without proper records.

This is not just a normal FEMA case.

India is showing that crypto payment platforms acting like banks will face strict action.

For years, stablecoins helped create a quiet remittance route.

After this crackdown, using that route may become much harder and more expensive.

$292 million FEMA violations detected by ED involving 5 crypto firms

Transak, Xpat, Onramp Money, Onmeta and Carret are under investigation

Around $702,000 in bank balances has been frozen

ED alleges the platforms facilitated unauthorised cross‑border transfers using USDT and other crypto assets

The firms allegedly operated without required RBI approvals

ED also flagged large OTC trades, foreign crypto platforms and shell entities in tax havens

Further investigation is underway

ICYMI: India's ED has launched a probe into alleged ₹2,500 crore crypto-related FEMA violations.

• Searches conducted at 6 locations in Bengaluru

• Around ₹6 crore in bank accounts restrained

• Firms under scrutiny include Transak, https://t.co/qX4IJs0D7i, Onmeta, Carret, and others

• ED alleges crypto was used for unauthorized cross-border remittances

• Stablecoins like USDT were reportedly used in the transactions

• Investigation is ongoing; no final liability has been established

One of the biggest crypto compliance probes in India so far.